From today’s New York Times, this pretty much captures the why of our AAA credit rating downgrade: “Democrats and Republicans both claimed to find validation for their policies in the decision by the ratings agency…”
Of course they did. Has anyone on Capitol Hill shown any ability whatsoever to absorb information that didn’t emanate directly from their caucus? It’s like they’re all half-deaf.
Standard & Poor’s “described the decision as a judgment about the nation’s leaders, writing that “the gulf between the political parties had reduced its confidence in the government’s ability to manage its finances.” What could have made them think such a thing?
Here are the varying to-a-hammer-every-problem-is-a-nail statements from the same-old same-old either/or crowd:
MICHELLE BACHMANN: “That’s right” nice decision by S&P to downgrade our credit rating to a AA+… This president has destroyed the credit rating of the United States through failed economic policies and his inability to control government spending by once again raising the debt ceiling. We were warned by all the credit agencies that a failure to deal with the debt would lead to this downgrade in our credit rating. But instead, the president submitted a budget that had a $1.5 trillion deficit, the he request a $2.4 trillion blank check on top of that. President Obama is destroying the foundations of our economy, one beam at a time. I call on the president to seek the immediate resignation of Treasury Secretary Tim Geithner and submit a plan that balances the budget in year. Turn the economy around and put our people back to work.
HARRY REID: “The action by S&P reaffirms the need for a balanced approach to deficit reduction that combines spending cuts with revenue-raising measures like closing taxpayer-funded giveaways to billionaires, oil companies and corporate jet owners. This makes the work of the joint committee all the more important, and shows why leaders should appoint members who will approach the committee’s work with an open mind” instead of hardliners who have already ruled out the balanced approach that the markets and rating agencies like S&P are demanding.”
MITT ROMNEY: “America’s creditworthiness just became the latest casualty in President Obama’s failed record of leadership on the economy. Standard & Poor’s rating downgrade is a deeply troubling indicator of our country’s decline under President Obama.
Is the downgrade really a surprise?
Since we’re the ones who have (or will) put these people in office, I say it’s our job as citizens to actually READ Standard & Poor’s downgrade. No excuses, here it is. Here’s a preview: It reads as an overwhelming condemnation of their leadership.