The new indictments against Donald Trump are timely. They bury the Biden corruption and the latest problem with Bidenomics – the US credit rating was dropped. Biden is running on Bidenomics.
Fitch Ratings has downgraded the United States government’s credit rating, citing rising debt at the federal, state, and local levels. and a “steady deterioration in standards of governance” over the past two decades.
The AP cited political divisions, and that can’t be since Joe Biden has sold himself as a great uniter.
Allegedly, Fitch thinks government stability declined under Donald Trump in 2018-2021, citing J6 and ignoring the months-long Antifa and Black Lives Matter deadly riots. They say it is more stable under Joe Biden, who has us on the brink of Civil War and World War with open borders and unvetted millions, as we face $50 trillion in debt within ten years due to his spending bills.
Also, it was downgraded twice in our history – once under Barack Obama, and now under Joe Biden, who follows the same policies.
That makes me wonder if the AP is reporting accurately or if Fitch has become politicized.
The ratings bureau said the worsening political divisions around spending and tax policy as a key reason for its decision. It said U.S. governance has declined relative to other highly rated countries. They noted “repeated debt limit standoffs and last-minute resolutions.”
Fitch likes high taxes and spending bills.
The US rating is still investment grade at AA+ from AAA, but will this serve as a warning? It should. A lower credit rating, over time, could raise borrowing costs for the U.S. government.