Staff Reports
In a not-so-surprising turn of events, the United States of America’s rating as a long term foreign currency issuer has taken a nosedive. Fitch Ratings came out swinging with a downgrade from “AAA” to “AA+.” Ooof, that’s gotta sting!
The Credibility of the U.S. Economy Just Got Downgraded…Again https://t.co/1rLy5YsyME
— Townhall.com (@townhallcom) August 2, 2023
According to Fitch Ratings, this downgrade is a result of the expected decline in our fiscal health over the next three years. They’re not impressed with our sky-high government debt, which seems to be growing at an alarming rate. And let’s not forget about our abysmal governance track record compared to other countries with those fancy “AAA” ratings.
US gets credit downgrade and this is where @secyellen priority is. LMAO https://t.co/WaM5hd3Zx0 pic.twitter.com/0APSfISdlk
— Dan Stringer, SEC Pimp (@Danstringer74) August 1, 2023
BIDENOMICS:
"Fitch has downgraded the U.S. credit rating to AA+ from AAA," a ranking the U.S. had held at Fitch since 1994. pic.twitter.com/J7oPMi7Wip
— RNC Research (@RNCResearch) August 1, 2023
Fitch Ratings went on to highlight the erosion of governance in our fair nation over the past two decades. They’re pointing fingers at our friends in Congress, who seem to love a good debt limit standoff. These guys never fail to deliver some last-minute resolutions, leaving the rest of us scratching our heads about their fiscal management skills.
Of course, Treasury Secretary Janet Yellen and White House Press Secretary Karine Jean Pierre are none too pleased with this downgrade. They issued statements disagreeing with Fitch Ratings, probably while simultaneously discussing their plans for combatting climate change. Because, you know, that’s obviously the most pressing issue here.
But hey, at least some fiscally responsible folks are sounding the alarm. FreedomWorks President Adam Brandon chimed in, calling attention to the fact that our leaders in Washington are happily burning through our hard-earned money without a care in the world. He sees this downgrade as a wake-up call for both Republicans and Democrats, urging them to tackle our outrageous $32 trillion debt.
The bottom line is that we’re on a dangerous financial course, and it’s high time for some serious course correction. The House Republicans have a chance to step up and rein in the out-of-control spending that’s dragging our economy down. Let’s hope they prioritize fiscal responsibility for the sake of our great nation.
