A New Low. Fitch downgrades US credit rating thanks to Senile Biden

[berryberry]

Rating agency Fitch on Tuesday downgraded the U.S. government's top credit rating citing fiscal deterioration over the next three years, a move that drew an angry response from the White House

Way to go Senile Biden !!!

[HDGristle]

Here's something to chew on Berry. Context, from Fitch that didn't pop up in your Twitter feed

"In Fitch's view, there has been a steady deterioration in standards of governance over the last 20 years, including on fiscal and debt matters," the ratings agency said Tuesday. "The repeated debt-limit political standoffs and last-minute resolutions have eroded confidence in fiscal management."

The ratings agency also cited the U.S.' "complex budgeting process" and its lack of a medium-term financial planning, relative to its peers, in explaining the downgrade to AA+, from the U.S.' previous AAA level. These factors, combined with the fiscal shocks from the pandemic, new spending and tax cuts, have brought the debt to 113% of the national economic output, well above pre-pandemic levels.

There's bipartisan blame across multiple administrations here. Multiple iterations of Congress. The over-politicization and gamesmanship of the debt-limit. A budgeting process that's been long broken. Much more.

[berryberry]

The ten year note yield just hit its highest level since November 2022.

Once again, the country is paying for Senile Biden's incompetence

[jmichael]

"In Fitch's view, there has been a steady deterioration in standards of governance over the last 20 years, including on fiscal and debt matters," the ratings agency said Tuesday. "The repeated debt-limit political standoffs and last-minute resolutions have eroded confidence in fiscal management."

The ratings agency also cited the U.S.' "complex budgeting process" and its lack of a medium-term financial planning, relative to its peers, in explaining the downgrade to AA+, from the U.S.' previous AAA level. These factors, combined with the fiscal shocks from the pandemic, new spending and tax cuts, have brought the debt to 113% of the national economic output, well above pre-pandemic levels.

reposted, just In case you didn't see it, when H D posted it

[berryberry]

Originally Posted by jmichael

"In Fitch's view, there has been a steady deterioration in standards of governance over the last 20 years, including on fiscal and debt matters," the ratings agency said Tuesday. "The repeated debt-limit political standoffs and last-minute resolutions have eroded confidence in fiscal management."

The ratings agency also cited the U.S.' "complex budgeting process" and its lack of a medium-term financial planning, relative to its peers, in explaining the downgrade to AA+, from the U.S.' previous AAA level. These factors, combined with the fiscal shocks from the pandemic, new spending and tax cuts, have brought the debt to 113% of the national economic output, well above pre-pandemic levels.

reposted, just In case you didn't see it, when H D posted it

You can try to obfuscate all you want. The fact is Fitch did not downgrade the US rating until 3 years into Senile Biden's term citing fiscal deterioration over the next three years

Way to go Senile Biden !!!!!!

[jmichael]

Originally Posted by berryberry

The ten year note yield just hit its highest level since November 2022.

Once again, the country is paying for Senile Biden's incompetence

Would you explain why this is so bad

[berryberry]

Originally Posted by jmichael

Would you explain why this is so bad

Will lead to higher interest payments on national debt

Will likely lead to higher borrowing costs for businesses

Creates worry and increased volatility in the stock market

Weakens the dollar

Loss of investor confidence

[HDGristle]

Will you admit that there's bipartisan blame that can be spread across the House, Senate and White House. Not limited to the current incumbents?