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.