Yes We Can! Yes We Can! Yes We Can (Lose our AAA Credit rating)!

How appropriate, on the day that Obama's economics home-boy Austan Goolsbee heads back to his tenured life in academia, that S & P announces they've had enough BS from this administration to last them for quite a while thank-yew-ver'uh-much.

(Reuters) - The United States lost its top-notch AAA credit rating from Standard & Poor's on Friday in an unprecedented reversal of fortune for the world's largest economy.

S&P cut the long-term U.S. credit rating by one notch to AA-plus on concerns about the government's budget deficits and rising debt burden. The move is likely to raise borrowing costs eventually for the American government, companies and consumers.

"The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the Administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government's medium-term debt dynamics," S&P said in a statement.

We are committing crimes against our grandchildren by allowing the government to live so far beyond its means. Somebody, somewhere, sometime, is gunna hafta pay alllll this money back, and it appears it will fall to our children and theirs. They will curse our memory for it.

And of course, true to form, the Obama administration chose to attack the reputation of S & P in response. It's The Chicago Way, baby!