This week Fitch downgraded the United States triple-A debt rating because of all of Biden's "Building Back Better," or something:
BOOM: *UNITED STATES RATINGS CUT TO AA+ FROM AAA BY FITCH
— Erik Wasson (@elwasson) August 1, 2023
U.S. AAA debt rating gets a downgrade by Fitch; credit agency sees U.S. economy likely to slip into recession https://t.co/owTgHpY3vt
— MarketWatch (@MarketWatch) August 1, 2023
From Market Watch:
Fitch Ratings late Tuesday made good on recent concerns about the U.S. credit profile and downgraded its rating on the nation’s debt one notch to AA+ from AAA, saying that it reflects “expected fiscal deterioration,” a “high and growing” government debt burden and an “erosion of governance” in face of repeated debt-limit standoffs and other ills.
Fitch warned in June that it could take that step even as the latest debt-ceiling showdown ended in a last-minute deal to avert a government shutdown. The ratings agency initially put the U.S. debt on a negative watch in May, as the debt-ceiling fight has been dragging on for months.
Tuesday’s ratings downgrade was the first for the U.S. sovereign debt since S&P’s Global Ratings took the same step in 2011, bringing its rating to AA+ from AAA also amid a debt-ceiling standoff at the time.
More "Bidenomics" in action!
This was on Biden's watch. He owns this. https://t.co/TBOqtQ8GFc
— Fusilli Spock (@awstar11) August 1, 2023
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He does, and yet Treasury Secretary Janet Yellen's job is now to make everything believe that Biden does NOT own this. The government official who assured everybody in 2021 that inflation would be "transitory" is just baffled by the U.S. credit rating being cut:
JANET YELLEN:
— Townhall.com (@townhallcom) August 2, 2023
The United States has "the strongest financial system in the world."
"Fitch's decision [to downgrade the U.S.'s credit rating] is puzzling in light of the economic strength that we see in the United States. I strongly disagree with the Fitch decision, and believe… pic.twitter.com/LyfeVBkHvk
The fact that this person is the head of the U.S. Treasury should keep everybody awake at night.
33,000,000,000,000.00 in debt would disagree with Janet Yellen.
— Gunther Eagleman™ (@GuntherEagleman) August 2, 2023
You have to wonder how much debt the U.S. would have to pile up before people like Yellen considered it problematic.
Wow and the people who voted for this administration say I live in a alternate reality.
— Judith Bouvier (@judy4freedom) August 2, 2023
This administration is going to pretend everything's great until it all implodes, and even they they'll probably still pretend everything is great.
The only thing that's "puzzling," @SecYellen, is why Treasury's credit isn't already rated junk. We're $33 trillion in debt, w/ another $1 trill being added every 6 months, creditors are being paid back w/ debased dollars, & no one even pretends we'll ever pay our off the debt https://t.co/WorP10LZvN
— Tom Elliott (@tomselliott) August 2, 2023
The most inept, incompetent, corrupt administration in our lifetime https://t.co/JA9LafkuCX
— Traci Parker (@traciparker01) August 2, 2023
And it's not really even close.
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