The reaction of the Whitehouse to S&P’s downgrade of US credit rating  is puzzling.

Does the president believe that the debt situation in the US is sustainable?  The CBO says that it is not.

Does the president believe that S&P is the only market participant with doubts about the future of US debt?  All 3 of the top ratings agencies have given the US a “negative outlook”, and warned that continued debt accumulation would result in a downgrade.

A responsible administration would redouble its efforts to fix the debt – the real problem – and not attack those who are merely pointing out how serious that problem is.  Instead, the Obama administration is adopting a policy of “shoot the messenger”.

Ronald Reagan said it best.

“Recession is when your neighbor loses his job.  Depression is when you lose your job.  Recovery is when Barack Obama loses his job.”