For the first time in more than two centuries, the American federal government has been awarded a less than top credit rating.
After months of warnings, S&P downgraded the U. S. government to a AA+ rating from the AAA rating that it held for 70 years. It is now in the same league as Spain.
We're awaiting word from the White House of exactly how the downgrade is the fault of President George W. Bush, Mr. Obama's predecessor in office and official blame boy. Mr. Bush has been out of office for 2.5 years. Mr. Obama, his successor, has shown little inclination to accept the responsibilities but no hesitation about enjoying the perks of the office.
UPDATE: I'm reminded that it was just over a year ago that Mr. Obama's whiz-kid extraordinaire, Mr. Tim Geithner, Secretary of the Treasury and the man directly responsible for America's credit rating, said about the possibility of a downgrade,
Absolutely not,” he said. “That will never happen to this country.Of course, Mr. Geithner is the man that couldn't even do his own taxes correctly, so what should we have expected?