'It’s no coincidence that both credit downgrades happened under Democrats — especially Democrats who were part of the same presidential administration. Democratic policies have been hampering the country for quite some time.' -CWTremo
Former President Barack Obama once explained how he would have arranged for a third term as president. He jokingly explained how it essentially involved having a puppet as president in which there would be a “frontman or frontwoman” with Obama directing them what to do while in “his basement in his sweats.” Three years into the Biden administration and these comments make Obama look like a soothsayer.
Obama’s downgrade in 2011 was the first time the United States was given a credit rating below AAA. S&P decided to lower the country’s rating to AA+ because the federal government failed to provide a credible plan to confront the soaring national debt at the time, CNN Money reported. S&P also blamed political gridlock, squabbling, and “dysfunctional policymaking” for the decrease.
Fast forward 12 years later, and Obama’s vice president in 2011, Joe Biden, is now in charge. Once again, a credit agency downgraded the nation’s rating to AA+ from AAA. Coincidence? I don’t think so. The Fitch decision was based on “a steady deterioration of governance over the last 20 years” — the majority of that time occurring during the Obama and Biden presidencies.
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