I didn’t watch his speech yesterday. I was too busy watching the markets tank as he talked. And no wonder. This may be the lamest line of Barack Obama’s entire presidency:

No matter what some agency may say, we’ve always been and always will be a AAA country.

Huh? That’s like saying that no matter what your report cards may say, you’re an A student. You’re only an A student if you get As. You’re only a AAA country if your credit rating is AAA. This isn’t a feel-good movie. It’s real life. Your AAA rating was revoked? Then you’re no longer an AAA-rated country. Simple as that.

What’s more, not only is Moody’s threatening to join S&P in revoking our rating if we don’t fix things moving forward, but S&P is warning of an additional downgrade if we don’t respond now by changing course. And keep in mind that S&P wasn’t the first ratings agency to downgrade American debt. It was just the biggest.

So no, we’re not a AAA country and we won’t always be one, either. We were a AAA-rated country until that rating was revoked. Now we’re an AA+ country. We’ve been downgraded, and the longer President Downgrade refuses to come to terms with that fact, the worse the situation will become.