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#MEMORY_LANE | #Fitch #downgrades #USA #credit_rating from AAA to AA+
The US government's #credit_rating has been #downgraded following concerns over the state of the country's finances and its debt burden.
Fitch, one of three major independent agencies that assess creditworthiness, cut the rating from the top level of AAA to a notch lower at AA+.
Fitch said it had noted a #steady_deterioration in governance over the last 20 years.
#US_Treasury_Secretary #Janet_Yellen called the downgrade "arbitrary".
It was based on "outdated data" from the period 2018 to 2020, she said.
#BULLSHIT! YOUR FIRED! NO MORE BOGUS #EXCUSES #YOUR_FIRED!
Investors use credit ratings as a benchmark for judging how risky it is to lend money to a government. The US is usually considered a highly secure investment because of the size and relative stability of the economy.
However, this year saw another round of political brinkmanship over government borrowing.
In June the government succeeded in lifting the debt ceiling to $31.4 trillion (£24.6 trillion) but only after a drawn-out political battle, which threatened to push the country into defaulting on its debts.
When Congress returns from its summer recess, lawmakers will have to work to reach an agreement on next year's budget before the end of September to prevent a government shutdown.
"The rating downgrade of the United States reflects the expected fiscal deterioration over the next three years, a high and growing general government debt burden, and the erosion of governance" relative to peers, said Fitch in a statement.
"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, notwithstanding the June bipartisan agreement to suspend the debt limit until January 2025," the rating agency said.
The timing and rationale behind the downgrade has taken many economists by surprise.
#Fitch also said it expects the US to #slip into a mild?? #recession later this year.
DavidV: OH NO we are headed into a #DEPRESSION. WE HAVE BEEN IN A #RECESSION LAST 10 #YEARS! We do you think all that money got printed??
NO MONEY TO PAY BILLS?? to pay the bills??
https://www.bbc.com/news/business-66379366
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📛 DISCLAIMER: We Don't Cover the News | We Cover the 'Way' the #News is #COVERED_UP! 👿
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