Democratic Party downgrade

John Hinderaker at Powerline clearly explains why, contrary to the Democrats' childish "he did it; it's the Tea Party's fault", S&P's recent action is  really a Democratic Downgrade.  "What did the Democrats do with respect to federal debt during the four years they controlled both Houses of Congress?" Hinderaker asks.  Why they just merrily rolled along, increasing the debt without any plan, short term or long term, to repay it.    Here is a summary of the deficits the Democrats racked up during that time: FY 2008 -- $460 billion FY 2009 -- $1,410 billion ($1.4 trillion) FY 2010 -- $1,300 billion ($1.3 trillion) FY 2011 -- $1,600 (estimated) ($1.6 trillion) Of the $14.5 trillion national debt, nearly $4.8 trillion-one-third of the total-was incurred during that four-year period when the Congress was exclusively controlled by the Democrats. Moreover, and equally important, during that time the Democrats did nothing to assure the markets that...(Read Full Post)

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