As expected, Pres BO and the Dems are blaming S&P, the Tea Party, the Japanese earthquake, and so on.
However, the facts are not Pres BO's side.
Today, the WSJ has a great editorial and charts. It won't be "happy reading" for those who want to blame everybody but Pres BO:
"They boosted federal spending to 25% of GDP in 2009, 23.8% in 2010 (as TARP repayments provided a temporary reduction in overall spending), and back nearly to 25% this fiscal year.
Meanwhile, debt to GDP climbed to 53.5% in 2009, 62.2% in 2010, and is estimated to hit 72% this year—and to keep rising.
These are all figures from Mr. Obama's own budget office." (WSJ)
It's time for accountability. It's time for Pres BO to surround himself with people who understand economics rather than ideologues who have never created jobs or negotiated a budget.
P.S. We discussed the "downgrade" and other issues with Bill Katz:
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