London might literally be burning, but our country is figuratively burning this week with the announcement that our stellar AAA credit rating had been downgraded by Standard & Poor's. Accordingly, the stock market, racked with fear and uncertainty, tumbled. And what did President Obama do while the nation panicked? Not much.
In the wake of the downgrade, Americans were looking for strength. Instead, we got the usual talking points when Obama took to the podium on Monday. "We didn't need a rating agency to tell us that the gridlock in Washington over the last several months has not been constructive," he said — though it was precisely this gridlock that he had promised to end.
He spoke again about repairing the infrastructure and extending unemployment benefits and the payroll tax holiday. But these are all singles at best; what we need right now is a ninth-inning home run.
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