Even After S&P Downgrade Obama Believes Debt Levels Won’t Hurt US in Short Term

In August 2011 Standard & Poor’s downgraded the U.S. credit rating for the first time due to the runaway national debt and record Obama deficits. It was an unprecedented move.

Despite this move by the credit rating agency Barack Obama told David Letterman this week that the $16 trillion national debt won’t hurt us in the short term.
“We don’t have to worry about it in the short term.”

It’s as if the downgrade never happened.

1. 

   #2 September 20, 2012 at 8:52 am

   Redlite commented:

   He has his head in the sand!

   Any downgrade hurts in the short term. What kind of fool would believe other wise.
   Letterman was completely oblivious to the size of the national debt and so was Barry. He said he didn’t know the size of the debt. What a fool.

   Ask any taxpaying American how much they are in debt and they all can tell you what their debt is!!

2. 

   #3 September 20, 2012 at 9:02 am

   Blackbird commented:

   Since he has taken office he has doubled the money in circulation. Doubled. This is before QE3 kicks in. This is on top of the fastest accumulation of debt in the history of mankind. When he says “short term” perhaps he means in the next few minutes, because beyond that we most certainly are already suffering the effects of his banana republic fiscal policy. In the short term we are going to see inflation levels that will make the Carter years look like the picture of stability. In the long term it will destroy the Dollar. Having him joke up the intentional destruction of our economy on Letterman is insufferable.

3. 

   #4 September 20, 2012 at 9:09 am

   Economan commented:

   It won’t hurt HIM in the short term, it’ll hurt US in the long term.

4. 

   #5 September 20, 2012 at 9:14 am

   Economan commented:

   And let’s not forget that China and Russia have agreed to dump their dollars after they both bought tons of gold. Sounds like a set-up.

5. 

   #6 September 20, 2012 at 9:36 am

   Granny commented:

   I guess he hasn’t noticed that where not long ago we were the #1 freest country in the world economically we are now 18! – WAY behind Canada.

6. 

   #7 September 20, 2012 at 9:50 am

   James commented:

   obama committed the gaffe of the election by saying he didn’t know what the amount of the national debt was. Especially since he is responsible for such a large part of it. If it had been a republican saying this, he would have been forced to resign by now.

7. 

   #8 September 20, 2012 at 9:52 am

   JenBee commented:

   What’s so bad about this comment isn’t that our naive, amateur, clueless POTUS supposedly believes this, but that because he stated it, millions – perhaps even TENS of millions – of Americans will believe it. Oh, to be so blissfully ignorant and clueless… sometimes I wish I wasn’t so informed so I could live in ignorant bliss and just not give a damn.

8. 

   #9 September 20, 2012 at 9:54 am

   JenBee commented:

   And hey, I live in Michigan, a supposed battle-ground state… WHY oh WHY WHY WHY aren’t I seeing this comment played over and over again in a GOP or Romney attack ad???? This man is such a rank naive amateur, whether he’s lying or just avoiding the issue, this is BIG, this is DEVASTATING, I should be seeing this BS in an attack ad at least once every half hour!!!

9. 

   #10 September 20, 2012 at 10:00 am

   BABY GLOCK commented:

   “SHORT TERM–no problem” EVERYTHING IS CONNECTED: The “rates” in currency accounts today impact our lives today and may produce anarchy in our streets today–SEE GREECE

   Let’s connect the dots:

   We cannot sell our “debt” as cheaply, so
   Some buyers leave the market, and
   Others require higher interests payments, and
   Not as much “debt” is sold– aka “recycling” the debt, and
   We have to OFFER HIGHER RETURN RATES, and
   Our enemies like China have FINANCIAL POWER OVER US

   SO, we have to PRINT MORE MONEY,
   This “Qualitative Easing” is currency manipulation, and
   The value of EACH DOLLAR falls, and
   It costs more to buy the basics, forget about luxuries, and
   Our savings become VALUELESS, and
   We save less and
   Those on fixed incomes are SCREWED; don’t forget
   Most of our “economic engine” is powered by our own domestic spending, so
   [RIOTS IN THE STREETS; "CLASS WARFARE"; THEFTS AND CRIME OF ALL KINDS RISE]

   Plus we are forced to spend less
   The quality of our lives plummets
   Our enthusiasm wanes; our children become fearful; we become desperate; and
   Energy and Food prices skyrocket [HE PLANNED THIS, REMEMBER?]
   Can’t have that revealed as crucial elements of inflation, so
   We redefine “inflation” to exclude ENERGY and FOOD

   SO MUCH MORE IN TERMS OF “CAUSE AND EFFECT”.

   FAMOUS LINE FROM OLD 007 MOVIE: GOLDFINGER TELLS BOND: “They have a saying in Chicago: Once is happenstance. Twice is coincidence. The third time it’s enemy action.”

   WELL, OBASTARDO IS OUR ENEMY FROM CHICAGO AND WE HAVE HAD SO MANY CLUES AND EXAMPLES AND PROOFS OF HIS “ACTION” THAT WE ARE NOW LEFT WITHOUT EXCUSE.

10. 

    #11 September 20, 2012 at 10:15 am

    David commented:

    This country is finished – $16 trillion in debt, American flags burning around the world and the affirmative action president is still leading in the polls

11. 

    #12 September 20, 2012 at 10:34 am

    KornKing commented:

    “In the short term”
    Translation: Once we get past the election, I don’t give a rat’s butt

12. 

    #13 September 20, 2012 at 11:11 am

    OldSailor commented:

    Old chinese curse – “May you live in interesting times.” The times for this country can’t get much more “interesting” save for total collapse.

13. 

    #14 September 20, 2012 at 11:31 am

    Patty commented:

    I don’t believe Americans understand what is coming. Doomsday. If we have this much debt and Obama has spent more than any other president, why would he act like this.

    He is a campaigner, are real slick piece of work and he will win if women and gushing public votes because he is leading in polls in some states and with all we know, you would think he’d be 10 points” leading from behind.”

14. 

    #15 September 20, 2012 at 11:53 am

    regularguy commented:

    There is little doubt this country is finished if Obama wins. There is no way we can keep printing money, watch the middle east go to radical islamists and Obama won’t even see Netanyahu but will see Morse, and none of these choices Obama has made are NOT for the clear ruin of western civilization. If the electorate cannot see there is a clear and present danger in Obama, we’re finished.

15. 

    #16 September 20, 2012 at 11:57 am

    Patty commented:

    Obama’s law school course description cited ‘institutional racism in American society’

    http://dailycaller.com/2012/09/19/obamas-law-school-course-description-cited-institutional-racism-in-american-society/

    I am sure though, Obama remembers all these classes and can recite word for word Saul Alinsky’s RULES FOR RADICALS.

16. 

    #17 September 20, 2012 at 12:05 pm

    Dave in NYC commented:

    He’s 100% right. S&P downgraded us and Treasury bond prices went up (yields went down, reducing our cost of borrowing). This is well known by everyone except Jim Hoft, apparently.

17. 

    #18 September 20, 2012 at 12:15 pm

    stuart commented:

    “It won’t hurt us in the short term.”
    For that matter neither will a snoot full of cocaine.
    But you already knew all about that one didn’t you.

18. 

    #20 September 20, 2012 at 1:18 pm

    blackbush666 commented:

    You are right dick in NY. This is the right track to be on. Are you really really this stupid?