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https://www.zerohedge.com/econ...n-erosion-governance "Arbitrary... Outdated!" - Yellen Outraged After Fitch Cuts USA's AAA-Rating Fitch downgrades US credit rating over rising debt, repeated standoffs https://thehill.com/business/4...-repeated-standoffs/ Fitch Ratings downgraded the credit rating of the U.S. on Tuesday, saying the country’s growing debt and repeated standoffs over the borrowing limit make it less trustworthy then before. Fitch downgraded the U.S. from a rating of “AAA” to “AA+” after several years of high-risk partisan battles over the debt limit. Those battles, Fitch said, have led to a spiraling national debt and a lack of faith in the U.S. government to handle it. “There has been a steady deterioration in standards of governance over the last 20 years, including on fiscal and debt matters, notwithstanding the June bipartisan agreement to suspend the debt limit until January 2025,” Fitch wrote. “The repeated debt-limit political standoffs and last-minute resolutions have eroded confidence in fiscal management.” Fitch’s downgrade comes roughly three months after President Biden signed a deal to raise the debt limit just days before the U.S. was expected to default on the national debt. Fitch warned then that the growing debt — now well over $32 trillion — and Congress’s inability to manage it in a productive and responsible way posed threats to the country’s creditworthiness. Fitch also cited “increased political polarization and partisanship as witnessed by the contested 2020 election” in its June warning. The agency released its Tuesday downgrade within moments of former President Trump’s indictment for his conduct on and leading up to Jan. 6, 2021. The downgrade is an embarassing blow for the U.S. government, which had long been considered one of the safest borrowers in global finance. _________________________ "Sometimes I wonder whether the world is being run by smart people who are putting us on or by imbeciles who really mean it." Mark Twain | ||
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Shall Not Be Infringed |
Biden and the Fed...Destroying this country! ____________________________________________________________ If Some is Good, and More is Better.....then Too Much, is Just Enough !! Trump 2024....Make America Great Again! "May Almighty God bless the United States of America" - parabellum 7/26/20 Live Free or Die! | |||
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Fourth line skater |
Didn't the credit rating get downgraded once before? During the Obama Administration? _________________________ OH, Bonnie McMurray! | |||
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His diet consists of black coffee, and sarcasm. |
If any of us had the proportionate level of debt as the US government, our FICO scores would be <300. | |||
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Tinker Sailor Soldier Pie |
Sheeeeeeiiiit. More like it'd be so bad that Silvio and the boys would be paying us a visit on behalf of Mr. Fico to break our knee caps. ~Alan Acta Non Verba NRA Life Member (Patron) God, Family, Guns, Country Men will fight and die to protect women... because women protect everything else. ~Andrew Klavan | |||
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Just because you can, doesn't mean you should |
Most other major countries are in worse shape than the US, many are much worse. I'm not sure I take comfort in that, but it's the way it is. https://en.wikipedia.org/wiki/...ies_by_credit_rating ___________________________ Avoid buying ChiCom/CCP products whenever possible. | |||
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Drill Here, Drill Now |
FFS, that is not the problem. The Congressional Critters spend a few hours a year making speaches and TV appearances with faux outrage. The problem is the rest of the year they create debt and inflation with reckless abandon. If they were a corporation, they wouldn't be spending so much money on redundant bureacracy. Two examples out of the hundreds: Ego is the anesthesia that deadens the pain of stupidity DISCLAIMER: These are the author's own personal views and do not represent the views of the author's employer. | |||
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Lawyers, Guns and Money |
“Fitch downgrades US credit rating over rising debt, repeated standoffs.” The story is not surprising because half the Congresspeople have low credit scores these days. So what do you expect when you put them in charge of the country? For context, Fitch is only one of the three main credit rating agencies (which are different from credit reporting agencies, which rate individuals). Besides Fitch, the other two are Moody’s and Standard & Poor. It’s only one of them so far. Still, its big news Fitch downgraded the U.S. for the first time ever, from the best rating, AAA, to second best, AA+. As far as its reasons, the agency cited politicization of the budget, a record-setting level of debt, and no plan to deal with an aging population. In other words, Fitch is appalled how fast the U.S. government is spending money. They’re spending money like it belongs to someone else or something. The implications of the downgrade are potentially enormous. The lowered credit rating signals higher risk, which means U.S. treasuries will have to pay higher interest rates, making borrowing more difficult and expensive. The change could cause banks to go under as their bond assets are re-valued lower. And it could cause the dollar to lose value against other currencies. Thanks Joe Biden! Is it too late to take the Congressional credit card away? Or won’t that work, since they can just print more bills? I suspect Biden is going to keep on printing money. After all, he has a Proxy War to pay for. You can keep on printing money until you can’t. But the good news is at that point, it’s all over fast. And pretty much everyone knows it, which makes us wonder how much longer Wall Street will allow this disastrous regime to continue. https://www.coffeeandcovid.com...ack&utm_medium=email "Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible." -- Justice Janice Rogers Brown "The United States government is the largest criminal enterprise on earth." -rduckwor | |||
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Internet Guru |
Comical that we still have an AA+ rating and even more hilarious that Yellen is complaining about it. Under very few scenarios do we even have the ability to pay our debt off...and there is absolutely nothing to suggest we will suddenly acquire the political willpower to pay off debt in the future. | |||
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Member |
We will soon be struggling just to pay the interest on the debt. The actual debt is not going away unless we default. _________________________ "Sometimes I wonder whether the world is being run by smart people who are putting us on or by imbeciles who really mean it." Mark Twain | |||
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Member |
S&P downgraded the US to AA+ in 2011 and that rating remains in place. So this isn't exactly earth-shaking news. | |||
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Fourth line skater |
Thank you. I thought my memory was intact. So, Fitch is another outfit. How many outfits are there? _________________________ OH, Bonnie McMurray! | |||
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Member |
The Biden admin just came out with a statement that this is a "Trump Downgrade" a direct result of MAGA policies. | |||
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Unflappable Enginerd |
I mean, it's not THEIR spending. 3 - Fitch, S&P, and Moodys. __________________________________ NRA Benefactor I lost all my weapons in a boating, umm, accident. http://www.aufamily.com/forums/ | |||
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Peace through superior firepower |
We should have a co-signer. | |||
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Member |
_________________________ "Sometimes I wonder whether the world is being run by smart people who are putting us on or by imbeciles who really mean it." Mark Twain | |||
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Peace through superior firepower |
^^ Ten percent to that fig pie. | |||
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delicately calloused |
They knew this was coming. That explains why they’ve been crowing about how strong our economy is for a month. You’re a lying dog-faced pony soldier | |||
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His diet consists of black coffee, and sarcasm. |
So two of the three credit raters have us as less than stellar now? This message has been edited. Last edited by: egregore, | |||
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