i do not recommend that you trust barack obama at all.
it should be enraging to all that it is a democrat trying to gut fdr's safety net. barack does not and never has appreciated anything. and now he wants to gut the safety net. patrick martin (wsws) reports:
Representatives of the Wall Street financial oligarchy are laying down the law to the Obama administration and Congress, demanding speedy action to raise the federal debt ceiling before an August 2 deadline, and massive cuts in spending on social programs like Medicare, Medicaid and Social Security, to slash the federal deficit.
Moody’s Investor Service put the Aaa bond rating of the US government on review for a possible downgrade Wednesday, the first time such a step has been taken by any of the bond rating agencies. A statement from Moody’s—which has spearheaded demands for austerity and budget cuts in Europe as well—warned of a “rising possibility that the statutory debt limit will not be raised on a timely basis, leading to a default on US Treasury debt obligations.”
The ratings agency said it was acting because of “the possibility that the debt limit will not be raised in time to prevent a missed payment of interest or principal on outstanding bonds and notes,” adding that even a brief failure to make such payments would mean that the Aaa bond rating “would likely no longer be appropriate.” Moody’s also placed on review the debt of several government-owned or government-backed corporations, including the mortgage finance companies Fannie Mae and Freddie Mac.
The Obama administration welcomed the Moody’s warning as a reinforcement of its demands for major cuts in spending. Treasury Department undersecretary Jeffrey Goldstein said in a statement, “Moody’s assessment is a timely reminder of the need for Congress to move quickly to avoid defaulting on the country’s obligations and agree upon a substantial deficit-reduction package.”i was slightly interested in the debt ceiling debate until barack started using his scare tactics this week: seniors may not get social security checks! the military may not get pay!!
it's all an attempt to get you so upset and frightened that you won't care what's done just so long as something, anything is done.
let's close with c.i.'s 'Iraq snapshot:'