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The meme of the week, that the Standard & Poor’s downgrade of the United States’ sovereign credit rating was caused by the Tea Party, is absurd. First, S&P and its rating system are irrelevant. This is the same ratings agency that gave A ratings to Lehman Brothers and other teetering banks right before they crashed and burned in 2008.
International markets were anxiously waiting to see what answers Chairman Ben Bernanke and the United States Federal Reserve’s Federal Open Market Committee would offer after their policy meeting Tuesday. The Fed has decided to keep interest rates low for two more years.
On Saturday, Texas Governor Rick Perry will give a speech from South Carolina, in which he will make clear his intention to seek the Republican nod for the 2012 Presidential nomination, CNN reported. The previously undeclared Perry has enjoyed high name recognition and favorability among Republicans and Republican-leaning Independents, according to Gallup.
A stalled U.S. economy and a plunging stock market may lead the Federal Reserve to react with the limited resources that it has left at its disposal.
I must admit, as appalling as I find most of what the Democrats pass off as political rhetoric, I do enjoy when they start repeating talking points in perfect unison. Witness, if you will, the aftermath of Standard & Poor’s decision to downgrade America’s credit rating from AAA to AA+. Liberals immediately blamed the fiscal fail on the Tea Party in specific and the GOP in general.
Isn’t it remarkable how the left is railing on and on about how the Tea Party members of Congress held the debt-ceiling talks hostage by demanding that there be no tax hikes? They have even referred to them as terrorists and suicide bombers, malcontents who ignored the heartfelt pleas of that paragon of unity, Barack Obama, to tone down the rhetoric after the Tucson shootings.
Saturday’s straw poll in Ames, Iowa, and the Fox News-hosted debate on the Thursday preceding it are certain to shake up the field of candidates seeking the 2012 Republican Presidential nod. Many believe that emerging victor will be Representative Michele Bachmann (R-Minn.).
The Administration of President Barack Obama said it will grant waivers to U.S. States saying they can’t meet the requirements of the No Child Left Behind law. Efforts to reform the signature education legislation of President George W. Bush have stalled in Congress.
On Friday, Standard & Poor’s Ratings Services (S&P) lowered its long-term sovereign credit rating on the United States from AAA to AA+. “The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the Administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government’s medium-term debt dynamics,” read a report released by the ratings agency.
The U.S. debt eclipsed 100 percent of the nation’s gross domestic product (GDP) following the release of Treasury figures.