Standard & Poor’s downgrading of U.S. treasuries has recently become a campaign slogan for President Barack Obama and a number of Republican would-be presidential nominees. The way things are shaping up, the battleground for the 2012 elections will the nation’s economic health such as the federal debt and unemployment.

Like in past pronouncements by Mr. Obama, the stagnant economy was blamed elsewhere other than the Oval Office. His most recent blame game comment came last Monday when he blamed the country’s economic problems to earthquakes, oil price rise, and economic troubles in Japan and Europe. A senior Obama adviser this week even hit the Tea Party to be the cause of the S&P downgrade.

During a recent fund raiser, Mr. Obama said that the economy is in its present state because he inherited big economic problems from the past administration. He said that the problems on debt and deficit were already there when he took over office. He talked about fixing the long-term finances of the country but he so far he has offered no specific details of his plan. When pressed by reporters, White House Press Secretary Jay Carney could also not provide additional information on the president’s plan to deal with the economy.

Six out of 10 states that carried Mr. Obama in 2008 now have the highest unemployment rates in the nation and four of these states – Florida, Michigan, Nevada, and North Carolina – comprise almost a quarter of the electoral votes required to succeed in a presidencial election.

In S&P’s report for the downgrade, it cited the debt ceiling gridlock in Congress as one of the contributing factors for their decision. It also shows the lack of leadership from the Chief Executive who allowed the political division to reach such degree that damaged the United States’ ability to reach key fiscal decisions in timely manner.

Political observers have compared the latest clash of Republicans and Democrats to the Clinton-era debate that forced the federal government to shut down for several weeks. The Republicans, who wanted to rein in on spending, were generally blamed for the 1996 shutdown. However, a recent poll by the Wall Street Journal/NBC News found that 35 percent of Americans now blame the Democrats for the much-delayed resolution of the debt issue, which is 3 percent higher compared to the number of people who believed that the Democrats were to blame for what happened in 1996.

This summer has indeed been a tough one for Mr. Obama and his political future do not just depend on issues involving the weak economy. The very same day that S&P downgraded U.S. debt was also the deadliest day for American troops in the 10-year war in Afghanistan. A total of 30 U.S. soldiers died after their Chinook helicopter crashed after it was shot by the Taliban. Twenty-two of those soldiers were part of the Navy SEALS team that was responsible for the death of Osama bin Laden.