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Whose “Downgrade” Is It?

Whose “Downgrade” Is It?

 

When I was a kid, I used to love Bugs Bunny cartoons.† My favorites were always the ones where Bugs Bunny and Daffy Duck were trying to escape a hunting Elmer Fudd.† The two would try to outsmart each other, changing the signs in the forest and yelling “Duck Season!”† “Rabbit Season!” while a befuddled Fudd tried to figure out which prey he should be shooting at.

Now, it feels like the Democrats and Republicans are playing the same game.

In the wake of this Friday’s decision by Standard and Poor to downgrade the U.S. credit rating from AAA to AA+, a flurry of accusations have been hurled back and forth between the parties, attempting to “name” the downgrade.† Republicans call it the “Obama downgrade,” saying that it was his weak policies and leadership that forced the economic industry to falter.† Democrats, instead, are calling it the “Tea Party downgrade,” taunting Republicans with the fact that their party has been overtaken by a radical right wing that would rather crash the economy than be seen to cede an inch in negotiations.

Mitt Romney is leading the charge of presidential candidates ready to pin the fall in credit rating on Obama.† “When I was governor, S&P rewarded Massachusetts with a credit rating upgrade for our sound fiscal management and the underlying strength of our economy. That didn’t happen by accident. The president’s failure to put the nation’s fiscal and economic house in order has caused a massive loss of confidence that resulted in an embarrassing downgrade. In the Carter era, it was called ‘malaise.’ Under President Obama, it’s called meltdown.”

The Democrats are pushing back, pointing to S&P’s statement that the lack of any revenues is the primary impetus behind the downgrade. Sen. John Kerry stated on talk shows this weekend,† “I believe this is without question the Tea Party downgrade. This is the Tea Party downgrade because a minority of people in the House of Representatives countered even the will of many Republicans in the United States Senate who were prepared to do a bigger deal.”

So how does the Tea Party react to the charge that they’ve nearly crashed the economy?† Well, they seem pretty proud.

Let me know when it’s fiddler crab season.

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Photo credit: revisorweb

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121 comments

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9:03AM PDT on Sep 11, 2011

When is the USA going to stop this "Empire of War" and stop extracting all wealth from it's citizens ? All our dollars go to war. Our politicians do not work for us , their masters being the top 2% and GLOBAL corporations .I am losing hope of the future of the USA...we are so uneducated and uninterested .

8:58AM PDT on Sep 11, 2011

S & P is the same rating agency that gave those worthless mortgages AAA ratings . S&P is worthless at rating...as they were the ones that helped create this world crash .

8:24PM PDT on Aug 18, 2011

Cutting spending on, so called, entitlements is ineffective for addressing the deficit. Cutting programs that support the low and middle class will further strain both who don’t even receive lower prices as a result of the U.S. job losses and create a disconnect that will end in another financial collapse. The justification for attacking government benefits as opposed to raising taxes is the creation of jobs. But where?

Corporations have over-powered our government which now believes that out-sourcing and off-shoring of U.S. jobs is inevitable and necessary with expectations that the middle class should fall on their swords. It is the underlying cause of the financial collapse and borders on national security with the loss of our middle class tax base. Yet, this nation does nothing, not even demand it be restricted by whatever method. International businesses are doing the UN-AMERICAN activity of destroying U.S. salaries, U.S. businesses that hire in the U.S., and as an end result, destroying the U.S. marketplace while still demanding BUSINESS ENTITLEMENTS and protections for themselves.

Infrastructure spending and tax breaks will not replace enough jobs to keep up with the hemorrhaging loss of U.S. jobs from out-sourcing over seas. Neither party will do anything about it unless we begin grass roots efforts to protest out-sourcing and off-shoring of U.S. jobs. If nothing is done we will deserve what we get and it will get a lot worse before it gets better

10:30PM PDT on Aug 14, 2011

Kat H.
You are misinformed on many levels.
The House of Representatives control spending bills. Read up on it, it is not "all three branches", that's just factually wrong. You don't know the first thing about how our government works and how legislation is created. As usual, the spin from the right is to misinform others and claim no responsibility for the crisis that they have manufactured.
The House left for vacation (which should be a formal recess, but isn't because the Repubs don't want Obama to have a recess appointment) without _funding_ the FAA, who inspect planes and ensure the safety of air travel. Without this agency, there is no safety in air travel, period. Anyone who claims otherwise is lying. Air carriers don't self regulate. What this means is that eventually, a great many people will die in air crashes. It's not hyperbole. Remember flight 800? The Tea Party Republican extremists are playing politics with people's lives, including that of my mother. I want everyone to know that they are a despicable bunch who care nothing for the welfare of the American people, and care only for their rich corporate handlers who feed them lies. If a plane crashes, they will be scrambling to blame anyone but themselves. This scandal became public over a week ago. Where were you Kat H.?

11:37AM PDT on Aug 14, 2011

Christian R "Why so-called Tea Partiers want people to die while travelling, I will never understand"

What in the world are you talking about? What Tea Partiers want people traveling to die???? This has gone way too far - now ya'll are saying Tea Partiers want people dead......

Our whole Govt is screwed up - all 3 sides.........instead of debating and talking about the same old crap every day why not talk about how to fix it and how to compromise on it all.........

6:38PM PDT on Aug 13, 2011

The East India Trading Company Party have also halted funding for the FAA, while my mother is flying in to visit. Why so-called Tea Partiers want people to die while travelling, I will never understand.

12:02PM PDT on Aug 13, 2011

I don't have the book available to me,Diane O.So,given that(1),Obama was for most of his childhood raised lovingly by Whites (2),while in office has not said anything racist or conducted himself in a racist manner and (3),you continue to make these accusatitions here without sharing any of the "racist quotes" with us,I'm assuming you're lying and know you are simply because of your deep dislike of the President.

4:27AM PDT on Aug 13, 2011

Diane O

No racism is evident in the one reference you provided to racist comments in Obama's book. He made observations. An observation is not racist.

Sorry but you're a poor, inaccurate purveyor of information - like most conservatives. How's it going for you? You like misleading people?

4:21AM PDT on Aug 13, 2011

From http://www.politico.com/news/stories/0811/61147.html

A Standard & Poor’s director said for the first time Thursday that one reason the United States lost its triple-A credit rating was that several lawmakers expressed skepticism about the serious consequences of a credit default — a position put forth by some Republicans.

Without specifically mentioning Republicans, S&P senior director Joydeep Mukherji said the stability and effectiveness of American political institutions were undermined by the fact that “people in the political arena were even talking about a potential default,” Mukherji said.

“That a country even has such voices, albeit a minority, is something notable,” he added. “This kind of rhetoric is not common amongst AAA sovereigns.”

8:51PM PDT on Aug 12, 2011

Wall Street warned the radical extremists who now wag the dog of the far right wing that if they played politics with the full faith and credit of the United States of America, that there would be consequences, and here they are. Those chickens have come home to roost, and the extremists downplayed it in the media, so you know that they heard it. The downplay was as bogus as they are. Now we as a nation know just exactly who these monsters are. The gloves are off. They care nothing if they destroy the retirement accounts of millions of people. No. They want power, and money, and they will sacrifice anything and anyone to get it.
The so-called Tea Party, which should be called the _East India Trading Co. Party_, has created a manufactured crisis over credit, which has been raised 77 times, 7 times under Bush, they suddenly see credit as a bad thing. Go figure. Most people see good credit as worth preserving. Not these terrorists. This phoney crisis has cost the taxpayers 1.7 Billion dollars and has increased interest rates. It's already a nightmare.
Clear thinking and rational people need to remove this cancer from our legislature. People who hate government by We The People should never be allowed to receive a gov't pay check, let alone the power to destroy the world economy with their political stunts. Vote these extremists out, and vote in people who are level headed. Anyone who claims to be part of a grass roots movement who take money from the Koch Brot

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