Since it goes down on the engine, it is either a bad switch or bad connection which is good news. Get out your multi meter and troubleshoot both ends of the plug. In my case, I had a similar issue where the throttle switch would go up but not down and the transom switch worked both ways. It ended up being corrosion from me detailing the engine bay and being overly generous whereby the plug that connects to the pump from the throttle switch got some corrosion in it because it wasn't watertight like it is supposed to be from someone at some point loosening the hose clamp that keep water out of the plug. That is where I would start.