The Credit Rating of the United States Was Just Downgraded Again

There’s been so much focus on what’s happening at American embassies over the last 48 hours that you may have missed this stunning news.

The credit rating of the United States has been downgraded for a second time on Obama’s watch…

Ratings firm Egan-Jones cut its credit rating on the U.S. government to “AA-” from “AA,” citing its opinion that quantitative easing from the Federal Reserve would hurt the U.S. economy and the country’s credit quality.

The Fed on Thursday said it would pump $40 billion into the U.S. economy each month until it saw a sustained upturn in the weak jobs market. (Read more: Fed’s ‘QE Infinity’ — Four Things That Could Go Wrong)

In its downgrade, the firm said that issuing more currency and depressing interest rates through purchasing mortgage-backed securities does little to raise the U.S.’s real gross domestic product, but reduces the value of the dollar.

In turn, this increases the cost of commodities, which will pressure the profitability of businesses and increase the costs of consumers thereby reducing consumer purchasing power, the firm said.

In April, Egan-Jones cuts the U.S. credit rating to “AA” from “AA+” with a negative watch, citing a lack of progress in cutting the mounting federal debt.

Can anyone explain to me why Obama deserves a second term?

Anyone? Anyone? Bueller?

Read more from Allahpundit at Hot Air.