Will history say that it was under the presidency of a black man that the US lost its risk-free borrowing status?

Barack Obama has made headlines around the world since his sudden rise to the office of the most powerful man on the planet. He is the first black person to be elected to the office of President of the United States of America, the most powerful nation on earth, the sole superpower and the largest economy.

In 2010 he made sweeping changes to the health policies and frame-work of the USA. That was indeed another history making moment. There were of course those who felt the “Yes we can!” changes were too many and too fast. In fact, some Republicans vowed to repeal what they called  “Obama Healthcare.” Yet, the purposeful President has laboured on. He intends to leave his footprint and fingerprints on Washington’s political dynasty.

Then last May. the world stood still as it tried to absorb the incredible news that Barack Obama sent a specially trained navy Seals team deep into the Pakistani territory to find and kill the ever elusive Osama Bin Laden.

Obama killed Osama!

That again cemented Obama into political elitism and unparalleled history. He accomplished what two previous presidents, each serving a two term presidency, failed to do. All the world congratulated the US President as they felt that finally the 3000 or so souls whose blood was shed on September 11, 2001,  could rest in peace as their killer was shown the bullets of an American soldier. And his remains dumped into the Northern Arabian Sea.

But a few hours ago Barack Obama was receiving the news that The USA’s credit rating has been down graded from a AAA to AA+.

This is also a history making event. Ever since the S&P ratings was being used, America was always at the triple A status. that has been so since 1917.

The AAA means that the country is well able to pay its creditors and so it is seen as a safe risk for lending money to. But with the political wranglings and stalemate in Congress over the  last few weeks as the nation struggled to enact laws that will increase its credit limit the US economy seemed to have gone into cardiac arrest.

It will be important to hear how President Obama responds to this development. Obviously, he is being seen now as the first US president to allow the country’s economic rating to fall from a triple rating. But was this totally Obama’s fault? While he may not be solely responsible, as he seeks re-election next year, it is something that the electorate and his opposition will throw in his face.

One of the sad realities, too, of this is that because President Obama is a black man, racial pundits will probably start sending the message to the black community that they are really inferior or unable to measure up to quality accomplishments, after all  we put a black man in the white house and what happens? We lose our safety credit rating!

Already, the Republicans are saying this downgrading of the US economy is another sign of the “failed leadership’ of Barack Obama. Nonetheless, this historic development is a sign that all the world finances are in possible jeopardy and individuals and governments alike must start to take a serious look at how they spend, invest or manage their money. I will like you to please read my earlier post “Your money–is it fulfilling someone else’s dream?”

We cannot just continue to spend money like our treasury is what Jesus has in heaven. Let us all go back to the simple rule of living within our means and being satisfied with a present temporary inconvenience for a permanent improvement in the future.

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