Good day all. Water is wet. Fire is hot and when things go sideways for the Maladministration, The Worst President* in American History, Joe Biden, blames the Greatest President of the 21st Century, Donald Trump. This time, thanks to Biden and the Democrats out of control spending, America’s credit rating has been downgraded.
The United States is, to be blunt, broke and has been for a very long time. The blame for this is on both parties, however the Progressive Liberal Democrats have been especially egregious in their spending of other people’s money. Now the rubber has hit the road and the United States has had it’s credit rating dropped from AAA to AA. Biden’s response? Blame Trump. Here are the details from Fox Business News:
President Biden’s administration is placing the blame for the U.S.’ drop in credit rating on former President Donald Trump and the Jan. 6 riots.
Fitch announced Tuesday it has officially downgraded the U.S.’ long-term foreign-currency issuer default rating to “AA+” from “AAA,” saying the downgrade “reflects the expected fiscal deterioration” and the nation’s heavy debt burden. An administration official claimed to FOX Business on Wednesday that the underlying model was AAA until Trump’s administration.
Oh this should be amusing. President Trump left office January 20th, 2021. Within hours of taking office. Dementia Joe Biden began signing orders that started the process of undoing all the good works by President Trump and wrecking the economy. Biden and the Democrats put the printing presses on overdrive and rammed through spending bills that rewarded themselves and their friends. How typical of them that when the bills come due, they push them on other people.
The administration official claimed the model dipped in the Trump-era and despite efforts since 2020, Fitch’s change in consideration on a number of factors meant the model could not recover. The official told FOX Business that Fitch repeatedly cited Jan. 6 as a factor in its decision, considering instability of governance as an aspect of the downgrade in rating.
“Fitch’s quantitative ratings model declined markedly between 2018 and 2020 — and yet Fitch is announcing its change now, despite the progress that we see in many of the indicators that Fitch relies on for its decision,” she continued. “Many of these measures, including those related to governance, have shown improvement over the course of this administration, with the passage of bipartisan legislation to address the debt limit, invest in infrastructure, and make other investments in America’s competitiveness.”
What I find interesting is that I don’t see any confirmation from Fitch on that statement that they blamed the January 6th Protest, which, to be honest, did cause some damage to doors and windows. However, the Democrat “Fiery but peaceful” riots that burned out cities are ignored. As to the date range mentioned, that was when the Democrats scammed their way back into control of Congress, the Fauci Bioweapon escaped the Chinese labs and the Democrat and RINO governors destroyed the economies of their states with the lock-downs.
However, towards the end, things were starting to turn around as many governors realized that the lock-downs were not only not helping matters, but were making things significantly worse. South Dakota, which never locked down and Florida, which opened back up for business very quickly led the way in the economic recovery. Then came the Tainted Election of 2020 and the installation of the most corrupt, incompetent and stupid President* in American history.
The Federal Reserve is, as usual, making things worse. You have Janet Yellen, who is a moron and has no idea what she’s doing other then serving her Globalist masters.
U.S. Treasury Secretary Janet Yellen issued a statement pushing back on Fitch’s move, saying the rating agency was using old data and arguing conditions have improved under the Biden administration.
“I strongly disagree with Fitch Ratings’ decision,” Yellen’s statement said. “The change by Fitch Ratings announced today is arbitrary and based on outdated data.”
If by this, she’s remarking on the allegation that they were using data from 2018-2020, she’s correct. Things are actually as lot worse. Everyone expects the United States to slip into a “Mild” recession soon. Most working people feel they’ve been in one for over a year now with no end in site. There are ways to fix the credit downgrade. One is to cut spending. However, the last thing the Democrats want to do is cut spending on their worthless projects. The other thing?
Thatisall
(3 votes, average: 5.00 out of 5)
Loading...
~The Angry Webmaster~
Considering the current path we are on, I expect the rating will get worse.
The Confederate dollar will have more value than the FRN soon