Tags: Ron Paul | Barack Obama | Mitt Romney | Economic- Crisis | 2012 President Race | | S&P

GOP Presidential Candidates Rap Obama Over S&P

Monday, 08 Aug 2011 12:03 PM

By Dan Weil

Republican presidential candidates reacted to the Standard & Poor’s U.S. credit downgrade the same way the stock market did — negatively. The candidates put the blame on President Barack Obama for S&P’s decision to drop the government’s credit rating to double-A-plus from triple-A.

The downgrade symbolizes the country’s decline under Obama, said front-runner Mitt Romney. “America’s creditworthiness just became the latest casualty in President Obama’s failed record of leadership on the economy,” the former Massachusetts governor said.

“His failed policies have led to high unemployment, skyrocketing deficits, and now, the unprecedented loss of our nation’s prized triple-A credit rating . . . The only way things will get better is with new leadership in the White House.”

Editor's Note: Some experts fear that 50% unemployment, a 90% stock market crash, and 100% inflation are on the horizon. Watch the Aftershock Survival Summit Now, See the Evidence.

Minnesota Rep. Michele Bachmann, who has emerged as Romney’s top challenger, noted that the S&P move isn’t a huge shock. “We were warned by all of the credit agencies that a failure to deal with our debt would lead to a downgrade in our credit rating, but instead he [Obama] submitted a budget that had a $1.5 trillion deficit and then requested a $2.4 trillion blank check,” she said.

“President Obama is destroying the foundations of the U.S. economy one beam at a time. I call on the president to seek the immediate resignation of Treasury Secretary Timothy Geithner and to submit a plan with a list of cuts to balance the budget this year, turn our economy around and put Americans back to work."

The downgrade “blemishes our free republic’s revolutionary experiment in liberty and self-government, Consequently, it heartens tyrants and terrorists,” former Minnesota Gov. Tim Pawlenty proclaimed. “President Obama is inept when it comes to creating the conditions or job creation and economic growth. It’s time for a new direction and a new president.”

Former Utah Gov. Jon Huntsman compared the nation’s debt to cancer. "For far too long, we have let reckless government spending go unchecked and the cancerous debt afflicting our nation has spread,” he said. “We need new leadership in Washington committed to fiscal responsibility, a balanced budget, and job-friendly policies to get America working again."

Texas Rep. Ron Paul pointed out that some backers of increasing the debt limit said it would forestall a credit downgrade. “But the opposite was true,” he said.

“Unfortunately, the game in Washington has been one of partisan blaming and bipartisan out-of-control spending. America has been dealing with this severe economic crisis for years because the Washington establishment failed to focus on the true issues at hand: a declining dollar and out-of-control spending."

Businessman Herman Cain cited Geithner for saying in April that the government wasn’t at risk of a downgrade. “Less than six months later, he is proven shamefully wrong,” Cain said.

"Perhaps this is because the Obama administration and congressional Democrats never once demonstrated a willingness to propose its own ideas for meaningful spending cuts, something credit agencies signaled were necessary to redeem America's financial standing in the world.”

Former House Speaker Newt Gingrich took to Twitter to criticize the president. "The Obama disaster continues,” he wrote. “Highest food stamp level and lowest credit rating in history in the same 24 hours."

Former Pennsylvania Sen. Rick Santorum said the downgrade illustrates Obama’s failure. “Is anyone surprised at this point?” he said.

“There are 14 million people out of work and looking to the White House for answers — but they are receiving nothing but a blank stare. The markets are scared, and the credit downgrade has happened because the president and this Congress continue to address the symptoms and not the disease.”

The solution: “Pass a balanced budget amendment to stop out of control spending and shrink the scope of government once and for all,” Santorum said.

Editor's Note: Some experts fear that 50% unemployment, a 90% stock market crash, and 100% inflation are on the horizon. Watch the Aftershock Survival Summit Now, See the Evidence.

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