Washington, DC…September 19, 2012””American Majority Action President and CEO Ned Ryun released the following statement today in response to the U.S. credit rating downgrade from “AA” to “AA-” by rating firm Egan-Jones.
“Thanks to Obama’s reckless spending, the U.S. credit rating has been slashed for the second time in two years. The Egan-Jones Ratings Company cites our $16 trillion debt, the ratio of debt to GDP, and new plans to print more money as the impetus behind the downgrade. Obama may love to make history, but this type of history is killing jobs and hurting our families.
The national debt is on track to hit 110 percent of GDP with no end in sight, as Senate Democrats have failed to pass a single budget since Obama’s election. It may be news to the President but it’s really Economics 101: increasing government spending does not build lasting stability and you can’t borrow your way out of debt. The President has proposed more than $40 trillion in additional spending should he get re-elected. Clearly, confidence in American credit will only be restored when our leaders and all Americans commit to reducing the size, cost, and scope of our government in favor of pro-growth policies.”
Thomas J. Basile