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.”
Photo credit: revisorweb