Wednesday morning, credit agency Fitch downgraded the credit rating of the United States, a significant development as the national debt rises under the Biden administration. Breaking the news this morning, CNBC laid out the story.
“We want to bring you this breaking news, Fitch has downgraded the U.S. credit rating to a AA from a AAA. They note the difference in governance between AA-rated countries versus AAA-rated countries also…the many many political showdowns concerning the debt limit. We knew when the debt limit was going on that Fitch was considering this downgrade even if the debt limit was not breached so here we are with a downgrade of a U.S. credit rating to a AA-plus from a AAA,” said the reporter.
BIDENOMICS: The United States credit rating has been downgraded from a AAA rating as US debt continues to skyrocket.
"Fitch has downgraded the U.S. credit rating to AA+ from AAA.”
In an attempt to help shield Biden from criticism, Fitch is trying to blame January 6th for the… pic.twitter.com/owfnYYoXCe
— Collin Rugg (@CollinRugg) August 2, 2023
As observed by Collin Rugg, “[i]n an attempt to help shield Biden from criticism, Fitch is trying to blame January 6th for the downgrade. ‘You have the debt ceiling, you have Jan. 6. Clearly, if you look at polarization with both parties … the Democrats have gone further left and Republicans further right, so the middle is kind of falling apart basically,’ said senior director at Fitch Ratings Richard Francis. Clown world.”
One Twitter user responded to this news by re-tweeting a hilarious meme about Bidenomics being nothing more than a money laundering operation for the Biden family.
— 🌋🌋 Deep₿lueCrypto 🌋🌋 (@DeepBlueCrypto) August 2, 2023
The particular chain of events the user captured is a direct reference to the alleged influence peddling scheme undertaken by then Vice President Biden in exchange for a $10 million bribe to his family by a Burisma executive to fire a Ukrainian prosecutor who was investigating the company.
Fitch, one of the major three credit rating agencies, also in their downgrade predicted that the United States will soon experience a mild recession later this year. In their formal statement on the matter, Fitch wrote “[t]he 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 … that has manifested in repeated debt limit standoffs and last-minute resolutions” and that “there has been a steady deterioration in standards of governance over the last 20 years” with “repeated debt-limit political standoffs and last-minute resolutions have eroded confidence in fiscal management.”
This downgrade marked the second time that American credit ratings have dropped in history. Heritage Action tweeted that “In 2011, S&P downgraded U.S. Treasuries to AA+. Joe Biden was VP. Yesterday, Fitch downgraded U.S. Treasuries again. Notice a trend? THIS is why it’s critical for Congress to Stop the Spending: out-of-control spending leads to skyrocketing inflation and lower credit ratings.”
In 2011, S&P downgraded U.S. Treasuries to AA+. Joe Biden was VP.
Yesterday, Fitch downgraded U.S. Treasuries again. Notice a trend?
THIS is why it’s critical for Congress to Stop the Spending: out-of-control spending leads to skyrocketing inflation and lower credit ratings.…
— Heritage Action (@Heritage_Action) August 2, 2023