Obama Says Private Sector Doing Fine, Then Standard & Poors Keeps Downgrade, Negative Outlook

Obama says private sector 'doing fine,' then Standard & Poor keeps downgrade, negative outlook | Fox News

President Obama leaves White House briefing room after speaking about the economy.

Was President Obama being too presumptious when he said the economy was doing fine?  Hours after he made the statement that the economy is doing fine Standard & Poors maintained it's long term negative credit rating at AA+ and says its outlook remains negative.  After Standard & Poors affirmed that the United States' credit rating outlook remains negative, President Obama backed away from his previous comment and later said that it's "absolutely clear that the economy is not doing fine."  He also stated there has been some good momentum in the private sector but that Congress needs to act to help boost jobs in the public sector.  The United States economy doesn't need a boost in the public sector.  We don't need more and more public sector jobs created.  The private sector is what needs the boost.  The government in and of itself can't stimulate the U.S. economy.  The way federal, state, and local governments can help the private sector is by staying out of its way for the most part.  The onerous regulations that are slapped on U.S. businesses today make it very difficult for them to be competitive in the marketplace. 

When you hear President Obama making the statement that the private sector in America is doing fine, one wonders if he's out of touch with reality concerning the state of the economy.  According to the average American's point of view, he's very incompetent and out of touch when it comes to understanding the workings of America's capitalist system.  However, if you study Obama closely, you need to consider that maybe his definition of "fine" is totally different versus what we consider would be a healthy economy.  If you recall back in 2008 he told Joe the Plumber that he believed in redistributing the wealth.  He's a believer in socialism.  Everything that President Obama has set out to do is doing nothing but destroying the American economy.  With all the accumulated debt in the last three years plus the passage of Obamacare in 2010, it will bring America's economy down.  That's the agenda of the Obama administration.  Therefore, the economy is on track according to his agenda.  That's what you must understand.