In his State of the Union address last week, President Obama didn’t name names, but he reminded some of his critics in the Republican Party that their praise for Russian President Vladimir Putin was sadly mistaken.

“Last year, as we were doing the hard work of imposing sanctions along with our allies, as we were reinforcing our presence with frontline states, Mr. Putin’s aggression it was suggested was ‘a masterful display’ of ‘strategy and strength.’ That’s what I heard from some folks,” Obama said . “Well, today, it is America that stands strong and united with our allies, while Russia is isolated with its economy in tatters. That’s how America leads – not with bluster, but with persistent, steady resolve.”

Obama had reason to feel good – and take a not-so-subtle dig at Putin’s GOP fans. Not only is the American recovery gaining strength, but as Matt O’Brien explained yesterday, Russia’s credit rating was downgraded this week to “junk” status.

[I]f Russia is rated junk, then its companies will be too – which will increase the borrowing costs on their existing debt. It could also trigger earlier bond repayments, which, together with the higher interest rates, could, according to one official, cost them as much as $20 to $30 billion.