The final nail in the coffin of liberal tax-and-spend fiscal policies was driven last week when S&P lowered the American government’s credit rating for the first time in history.
Interestingly, nowhere in S&P’s analysis was there a call for higher taxes, or an assumption that the federal government taxes too little.
The downgrade resulted from S&P’s conclusion that the government has not cut spending enough. The rating agency concluded that the debt-ceiling legislation was more than 2 trillion SHORT of spending cuts that are necessary for AAA confidence.
It was a direct repudiation of President Obama, who continues, remarkably, to insist on raising taxes, and who refused to consider meaningful spending cuts to popular programs.
It is no longer possible to count on President Obama to credibly lead on any economic issue, and it is no longer rational to place any confidence in his Administration to help lead a recovery.
He is increasingly bearing an uncanny resemblance to another failed Chief Executive with whom New Jerseyans are unfortunately too familiar – former Governor Jon Corzine.
It was Corzine whose tax and spend policies killed NJ’s golden goose of an economy – a regional leader in all areas – and turned us into the loser of the region – highest unemployment, etc.
Corzine’s tin ear and unwillingness to modify or adapt his policy course or make any corrections sound increasingly like President Obama, who has presided over a longer period of unemployment over 8% (30 months straight) than the Great Depression.
Obama is starting to sound almost irrelevant – as he continues to spew the same policies that worsened the economy, caused a credit down-grade, and are stifling any hope of a recovery.
His tin ear and unwillingness to modify or adapt may quickly make him a former President.