For much of his 27-month old presidency, Pres BO has avoided issues and decisions.
However, today's S&P report may force Pres BO to start taking some very bold action or the markets will make life very difficult for him.
Today, we got a huge warning: U.S. credit rating outlook lowered by S&P
This is mammoth and a sign that the markets are starting to lose patience with Pres BO & our political class.
S&P's decision comes one week after Pres BO's ridiculous "deficit speech" of last week.
Pres BO used the world "unsustainable" when speaking of entitlements. However, he did not tell US citizens that unsustainable is not that far away.
Some reports indicate that Medicare funds will be exhausted in 2029 and Social Security in 2037. That's 18 and 26 years away, or not really that far in the future.
He also passed "the buck" calling on a future commission for Medicare, and playing "the grandmother card" on Social Security.
Speech yes.....leadership zero!
Douglas Schoen, a Democrat, was most disappointed with Pres BO's tone:
"The most notable focus of the speech was not, in fact, its specific proposals; it was that it sounded far more like the speech of a candidate for president laying out his party’s platform than that of a president laying out a framework for a nation in crisis."
Teleprompter yes.....leadership zero again!
As we have pointed out before, it's time for Pres BO to start confronting our challenges or he may find that those "approval numbers" will keep on dropping.
For more on Pres BO, check out chat with Bill Katz on Monday:
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