Early Show Echoes White House, Dismisses Debt Downgrade As 'Political'

Should anything happen to the Obamas' Portugese water dog Bo, perhaps the First Family could adopt Jeff Glor as a pet parrot.  The weekend Early Show weekend co-host proved the perfect White House mimic this morning.  Glor dutifully echoed the Obama admin line, dismissing as "political" Standard & Poor's downgrade of the US government's credit rating.

In support of his point, Glor twice mockingly referred to the fact that the country of Liechtenstein now has a better credit rating than the US.  And your point is, Jeff?

View video after the jump.

Watch Glor give his best macaw impression.

CBS' Whit Johnson reported from the White House lawn on the Obama admin's reaction to the downgrade.

WHIT JOHNSON: Government officials tell us that the White House fundamentally disagrees with the downgrade and thinks it's a largely political rush to judgment.

Glor then echoed the notion in his discussion with two financial-expert guests.

JEFF GLOR: This seems rather political.

A bit later, Glor, apparently trying to prove his point that the downgrade was political, pointed to the fact that Liechtenstein now has a better credit rating than the US.  Glor seemed to find that absurd.

GLOR: Kelly, our credit rating is now below that of Liechtenstein's.  And with all due respect to our friends in Liechtenstein, I think that surprises a lot of people.

Glor mocked the downgrade with a parting shot at Liechtenstein: "but Liechtenstein still has its [inaudible]."

Well, let's look at Liechenstein.  A business-and-banking-friendly government. Low corporate and personal income tax rates. And, at least in the last year for which data is available, the country apparently ran a budget . . . surplus.  Why the heck shouldn't it have a better credit rating than the $14-trillion-in-the-hole US?


National Debt Budget Banking/Finance Economy Early Show CBS Video Government & Press Jeff Glor