Bidenomics: US credit worthiness downgraded

[Dutch Uncle]

Don't think I've ever run across a liberal that knows facts, they just parrot what they are told to say and are fueled by their hate and rage.

There are no common sense thinkers among them.

Like good Russians, eh comrade? LOL

 

[serendipity]

"But on Tuesday, Fitch Ratings cut the U.S. debt by one notch, from AAA to AA+, partly in response to how the federal government handled the debt crisis two months ago. That move mirrored a similar downgrade by S&P in 2011, also following a debt ceiling standoff in Congress.

"Fitch cited alarm over the country's deteriorating finances and expressed major doubts about the government's ability to tackle the growing debt burden because of the sharp political divisions, exemplified by the brinkmanship over the debt ceiling that brought the government close to a disastrous default."

https://www.npr.org/2023/08/02/1178215888/fitch-downgrade-credit-rating-deficits-debt-economy

Actually, the economy is strong. Job growth, unemployment, and wages are all healthy.

https://www.cnbc.com/2023/08/04/jobs-report-july-2023-187000-jobs-in-july.html

Democrats are not bad for the economy. Partisan politics caused the credit downgrade. Your rabid partisanship exemplifies this.

One person did not cause the U.S. to be tens of trillions in debt. One person did not cause our spending to be at unsustainable levels. Trying to blame others is simply a tactic to excuse our own behavior and responsibility.

Remember he has a masters in econobabble!

 

[Hawkeye10]

Word stuffing. Fitch didn't mention that as a factor.

Do you have even one friend?

 

[T. A. Gardner]

It's because of the Republicans holding the US hostage over the debt ceiling. It's the trumptard's fault, not Bidens - but I think you know that.

Bullshit! It's because we've run up the credit cards, so to speak, and the credit rating people are saying we are increasingly unlikely to be able to make the payments. Thus, down goes the credit score. That's not a Republican or a Democrat thing. Both parties deficit spend. The only way to fix that is stop spending!

 

[Tinkerpeach]

Bullshit! It's because we've run up the credit cards, so to speak, and the credit rating people are saying we are increasingly unlikely to be able to make the payments. Thus, down goes the credit score. That's not a Republican or a Democrat thing. Both parties deficit spend. The only way to fix that is stop spending!

I believe we are now seeing the beginning of the collapse of the US economy.

 

[Dutch Uncle]

I believe we are now seeing the beginning of the collapse of the US economy.

No doubt you are wetting your seat over the idea, comrade Tink.

What do you think will happen to the global economy should the US economy collapse? Did you study such instances in your history classes?

 

[Earl]

Biden and his policies are harming hard working Americans.

 

[NiftyNiblick]

Where do we find those? Just curious.

 

[Earl]

I believe we are now seeing the beginning of the collapse of the US economy.

Indeed.

Recession first, then depression.

Thanks Biden.

 

[Concart]

I believe we are now seeing the beginning of the collapse of the US economy.

Because you are a moron who knows absolutely nothing about economics.

 

[Dutch Uncle]

Indeed.

Recession first, then depression.

Thanks Biden.

All of Trump's Traitors want the US to collapse.

 

[Concart]

"In addition to the debt ceiling, Fitch has also cited a potential recession, a failure to reach consensus on fiscal challenges and Republican attempts to contest the 2020 election as factors weighing on its decision."

https://www.politico.com/news/2023/08/01/fitch-downgrades-u-s-debt-00109288

Yes, it is about the debt ceiling and Trumps false claims of a stolen election and his attempts to overthrow the government. There is ONE party responsible. Period. Full stop.

 

[Concart]

All of Trump's Traitors want the US to collapse.

Earl is thanking Biden for the imaginary depression that he dreamed up. Earl is a fucking moron.

 

[Concart]

No doubt you are wetting your seat over the idea, comrade Tink.

What do you think will happen to the global economy should the US economy collapse? Did you study such instances in your history classes?

I think Nora's history classes taught that the Holocaust never happened and slaves happily sung gospel songs while picking cotton in the fields. Economics? That was way too advanced for Nora.

 

[Dutch Uncle]

Earl is thanking Biden for the imaginary depression that he dreamed up. Earl is a fucking moron.

I believe something tragic happened to Earl to render him into the babbling mess seen today. Sad.

 

[Dutch Uncle]

I think Nora's history classes taught that the Holocaust never happened and slaves happily sung gospel songs while picking cotton in the fields. Economics? That was way too advanced for Nora.

No doubt she was taught those things along with the idea that slavers were doing the slaves a favor by bringing them to America. What she wasn't taught was the death rate of the middle passage aboard slave ships much less the death rate of slaves on Southern plantations.

https://www.statista.com/statistics/1070565/middle-passage-death-rate-by-destination-1501-1866/

hroughout the Atlantic slave trade, 14.5 percent of captured slaves who embarked on ships in African ports died en route to their destination. Voyages from Africa to the Spanish Americas had the highest mortality rates, where almost one fifth of all captives died during the journey. Voyages between Africa and Brazil had the lowest mortality rates, where approximately one in eight did not survive. There is a clear correlation between voyage lengths and Middle Passage death rates; journeys between Africa and Brazil took an average of 45 days, whereas journeys to the Spanish Mainland Americas took 78 days on average. In addition to voyage lengths, factors such as overcrowding (which increased the rate of disease transmission), violence, insurrection, and high suicide rates also contributed to the high mortality rates along the Middle Passage.

https://en.wikipedia.org/wiki/Slave_health_on_plantations_in_the_United_States

A broad and common measure of the health of a population is its life expectancy. The life expectancy in 1850 of a White person in the United States was forty; for a slave, it was twenty-two.

 

[Noking]

For only the second time in modern history, the US has had their creditworthiness downgraded. The first time was in April 2011 by Standard and Poor during the Obama administration. The second, was four days ago by Fitch Ratings.

https://www.fitchratings.com/resear...ings-to-aa-from-aaa-outlook-stable-01-08-2023

https://www.washingtonexaminer.com/...msn&utm_medium=referral&utm_campaign=msn_feed

Smoke and mirrors notwithstanding, Democrats are bad for the economy...

Tax cuts for the rich and big corporations

Creates budget deficits

Grows political contributions for the GOP

Does not grow the economy

Creates credit downgrades

 

[cawacko]

Nope. This downgrade was the result of two things. Debt ceiling and the disastrous possibility that Donald Trump could be president. One party and one party only owns this downgrade. And if trump gets a whiff of the white house you can kiss our credit rating goodbye. I’m tired of the pussyfooting. Republicans are literally trying to destroy this country.

Maybe this is code for something I don't understand.

"Fitch cited the federal government’s rising debt burden and the political difficulties that the U.S. government has had in addressing spending and tax policies as the principal reasons for reducing its rating from AAA to AA+."

Most of us have the heard the phrase there is no free lunch. Yes we have the power to 'print' money but it doesn't come without a cost. Many people believe we can basically sustain our current path without repercussions but that's simply the ostrich putting his head in the sand. If not we would have ZIRP and fiscal stimulus into perpetuity.

It's not a fun discussion to have and since both party's have contributed to it partisans can't simply blame the other side.

 

[T. A. Gardner]

I believe we are now seeing the beginning of the collapse of the US economy.

What we are seeing is the Left, well politicians, doing to the US economy what they've done to red states across the country. The eventual decline of the nation is going to look a lot like Detroit or San Francisco...

 

[T. A. Gardner]

Tax cuts for the rich and big corporations

Creates budget deficits

Grows political contributions for the GOP

Does not grow the economy

Creates credit downgrades

Oh, so you think taxing the snot out of corporations and the rich will work. It won't. They'll leave. They'll go somewhere else. People and corporate leaders don't mind paying reasonable taxes but won't put up with being robbed.

Both parties created budget deficits, but that isn't the biggest problem with the federal budget. About 66%, two-thirds of it is inviolate. That is, the spending is mandatory, budget increases are usually tied to inflation and automatic, and there is no way to stop that. About 75% of that sort of thing is social-welfare spending so it doesn't really generate any economic growth as a result.

Both parties are guilty of using the budget to get political gain, so get off your high horse that it is somehow just the Republicans you fucking retard.

Government spending mostly doesn't grow the economy. Small portions of it may, but that's miniscule to the overall waste in government spending.

Credit gets downgraded when there's too much government spending and not enough economic growth. The economy isn't growing very fast at the moment, particularly when you take inflation rates into account.