Staff Reports
In a significant development, credit agency Fitch downgraded the credit rating of the United States on Wednesday morning. This comes at a time when the national debt is rising under the Biden administration. The news was brought to light by CNBC, who reported that Fitch had downgraded the U.S. credit rating from AAA to AA. The reporter noted that this downgrade was expected, given the many political showdowns over the debt limit.
Of course, in an effort to shield Biden from criticism, Fitch is trying to shift the blame onto the events of January 6th. According to Richard Francis, a senior director at Fitch Ratings, the political polarization between Democrats and Republicans has contributed to the downgrade. It’s a classic case of finger-pointing and deflection. The real issue here is the rising debt and the lack of fiscal responsibility from the Biden administration.
BIDENOMICS: The United States credit rating has been downgraded from a AAA rating as US debt continues to skyrocket.
"Fitch has downgraded the U.S. credit rating to AA+ from AAA.”
In an attempt to help shield Biden from criticism, Fitch is trying to blame January 6th for the… pic.twitter.com/owfnYYoXCe
— Collin Rugg (@CollinRugg) August 2, 2023
As news of the downgrade spread, one Twitter user couldn’t help but share a meme that humorously depicts Bidenomics as a money laundering operation for the Biden family. It’s a lighthearted way to highlight the alleged influence peddling scheme involving Burisma and the $10 million bribe given to Biden’s family.
In their formal statement, Fitch not only downgraded the U.S. credit rating but also predicted a mild recession later this year. They cited the expected fiscal deterioration, growing debt burden, and erosion of governance as key factors. It’s clear that the standards of governance have deteriorated over the past 20 years, with repeated debt-limit standoffs and last-minute resolutions eroding confidence in fiscal management.
This is not the first time American credit ratings have dropped. In 2011, S&P downgraded U.S. Treasuries to AA+ while Joe Biden was still Vice President. Yesterday’s downgrade by Fitch further highlights the trend of out-of-control spending leading to lower credit ratings and skyrocketing inflation. It’s crucial for Congress to stop the reckless spending and prioritize fiscal responsibility before it’s too late.
