Media forgets to report why S&P lowered US Credit Rating for 1st time in History: Congress Republicans.
It’s a cynical plan, that would be masterful if We the People and our media weren’t stupid…which we often are:
Congress challenges President Obama on the Debt Ceiling, something that’s been passed a hundred times without controversy by Republican and Democratic presidents in the past: hurt Obama’s popularity and distract him from righting our economy. Downgrade equals higher interest rates, further damaged confidence, reduced investments, worse economy leading into 2012 election. Obama, the man in charge in the public’s view—though he’s only one of three branches of our government—gets the blame, loses any credit. Republicans regain White House, where they’ve successfully created half our debt in just the last presidency, a fact they love to ignore.
But S&P isn’t stupid. It’s right there in page four of the S&P Downgrade report:
“We have changed our assumption on this because the majority of Republicans in Congress continue to resist any measure that would raise revenues, a position we believe Congress reinforced by passing the act.”
The “Tea Party Downgrade”: