Standard & Poor's is not to blame
To the Editor:
Now that Standard & Poor's has downgraded our credit worthiness from AAA to AA+, the Obama Administration, as is their wont, is looking for someone else to blame for this catastrophe. They have apparently decided to circulate the story that S&P was acting either maliciously or incompetently when they downgraded our credit. It is, of course, beyond ridiculous to assert that S&P would risk their reputation and standing in the international financial community by acting carelessly or maliciously in taking this step.
The reason that our credit has been downgraded and the stock market is in a "tailspin" is because we have not demonstrated any serious resolve to get our debt problem under control. The recent passing of the "Credit Control Act of 2011" gave Obama and the Democrats another large pot of money to spend on credit as they continue their inexorable march toward imposing what will be crushing tax burdens on the American people. Any spending cuts are minimal, back loaded and uncertain. Make no mistake about it, if left unchecked, Obama and the Democrats will continue driving up the national debt until there is no choice but to raise taxes and further damage our economy.
We would do well to remember that Karl Marx, father of Communism and author of the Communist Manifesto, once said "My object in life is to dethrone God and destroy capitalism." Do you see evidence of that agenda operating in this country today?
Please do not support the economic enslavement of the American people.
Russell T. Cumbee