Today, the Dow Jones Industrial Average -- arguably one of the most important indicators of our economy's health -- fell by more than 600 points. This sudden drop in the stock market is the direct result of the United States' first credit downgrade in our 235 year history as a nation.
There's exactly one person to blame for this self-inflicted crisis: President Obama. In the time period leading up to this credit downgrade, the ratings agencies echoed what House conservatives have been saying for years: Our current fiscal path of deficit spending and record debt is unsustainable.
We need President Obama, now more than ever, to stand up and lead. House conservatives have proposed and passed two plans that would have averted this crisis. The first is our FY 2012 budget, which laid out a path to put our country on strong financial footing by cutting spending, paying down our debt, and eliminating deficits. Our budget addressed the root causes of our out-of-control spending and included much-needed entitlement reform.
Then, last month, we passed the Cut, Cap, and Balance Act, which would make fundamental, common sense changes to the way the United States approaches its budget. At every step of the way, President Obama has chosen to play politics, mislead the American people on the issues, and refuse to offer his own proposals.
As today's stock market crash makes clear, we can't afford President Obama's failed leadership any longer. Look to conservatives in the House to continue offering ideas and proposals to get our economy back to work.
1 comment:
Hi Lynn , here is a great article on the FDR , this depression we are in is not new ,it's the same old depression of the 1930's . We are seeing the effects of what FDR did , borrow and spend and grow the Federal Government and be in war at all times , which has been the policy of this country since and has brought us to the mess we have today.
FDR was a socialist and a communist as where mean in his cabinet especially Tugwell that implemented many failed government project. I just read a book called The Forgotten Man about the FDR administration.
Out, Out Damn Depression: FDR in 1938 - John T. Flynn - Mises Daily
http://mises.org/daily/5517/Out-Out-Damn-Depression-FDR-in-1938
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