https://www.msn.com/en-us/money/markets/fitch-downgrades-us-credit-rating-citing-mounting-debt-and-political-divisions/ar-AA1eEL5W?OCID=ansmsnnews11

Going to be interesting where our credit is in 20 years. Deficits continue to balloon and servicing the interest takes up 15%+ of annual spending.

F- Fitch! Just print more money and spend it! What is anyone going to do? Stop trading with the largest economy in the world?

You think the other countries are any better?

The world is just going to print and spend money, because they can.

The people need something to use as "money", why not a piece of paper?

Houston Lee said:

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F- Fitch! Just print more money and spend it! What is anyone going to do? Stop trading with the largest economy in the world?

You think the other countries are any better?

The world is just going to print and spend money, because they can.

The people need something to use as "money", why not a piece of paper?

---

Yeah, I am pretty sure that Houston was not an econ major....

once social security starts to run out of funding in 2031

you are really going to see the United States fiscal system start to crack

https://www.reuters.com/markets/us/biden-official-fitch-us-downgrade-bizarre-ignores-resilient-economy-2023-08-01/

If you look hard enough if is Trump's fault

Quote:

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once social security starts to run out of funding in 2031

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This is an Incredibly misleading and factually incorrect statement.

Do you know how social security is funded?

it's okay guys, Janet Yellen disagrees with the credit rating agencies and their models. Everything is fine. Nothing to see here. Move along.

LMCane said:

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once social security starts to run out of funding in 2031

you are really going to see the United States fiscal system start to crack

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What a coincidence. I'll be 64 in 2031.

Visual representation of USA Credit Rating

Bidenomics build back bettering

aggiebrad94 said:

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Quote:

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once social security starts to run out of funding in 2031

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This is an Incredibly misleading and factually incorrect statement.

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The trust fund is scheduled to run out of money in the early 2030s and tax receipts will only cover 75% (ish) of forecasted benefit payments. What would you call that instead of running out of funding?

Deputy Travis Junior said:

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aggiebrad94 said:

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Quote:

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once social security starts to run out of funding in 2031

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This is an Incredibly misleading and factually incorrect statement.

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The trust fund is scheduled to run out of money in the early 2030s and tax receipts will only cover 75% (ish) of forecasted benefit payments. What would you call that instead of running out of funding?

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Just print more money.

It doesn't matter what currency we use. The US will out perform any other economy on the planet. We could all switch to using Aggie Bucks. It doesn't matter.

"The agency based its decision in part on a perceived deterioration in U.S. governance, which it said gave less confidence in the government's ability to address fiscal and debt issues, Francis said.
That deterioration, as well as increased polarization in the country's political climate, was visible in the Jan. 6 insurrection, which the agency highlighted in meetings with the Treasury ahead of the downgrade."
https://www.reuters.com/markets/us/fitch-decision-cut-us-credit-rating-based-deteriorating-governance-polarization-2023-08-02/

hoopla said:

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"The agency based its decision in part on a perceived deterioration in U.S. governance, which it said gave less confidence in the government's ability to address fiscal and debt issues, Francis said.
That deterioration, as well as increased polarization in the country's political climate, was visible in the Jan. 6 insurrection, which the agency highlighted in meetings with the Treasury ahead of the downgrade."
https://www.reuters.com/markets/us/fitch-decision-cut-us-credit-rating-based-deteriorating-governance-polarization-2023-08-02/

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My goodness, these people are pathetic.

Democrats want & openly promote the following:

• Cash-free bail & no jail time for serious felony convictions
• Free & Legal drug use that is government sponsored
• Drag queens grinding on minor children.... For the children's own good
• Boys can & should be able to compete with girls because there is no difference between the two
• Puberty is postpone-able & can be start and stopped with no repercussions at all
• Boy & Girls should take hormons & be able to have irreversible surgeries without their parents consent
• Abortion up to the moment of birth (or after)
• The entire lie of BLM & continued furtherance that they alone can fix the Black community
• The list goes on and on and on

So everything that is absolutely tearing this country apart at the seams & all conservatives are saying is "Wait, everything above sounds horrible. Why are we doing this? I'm not up for this, I'm going to push back just to societal norms that were widely common and accepted just 3-4 years ago."

And the credit rating agency ignores everything the dems are doing, and blames Selfie Grandma for the massive destruction of the democrat party & their sheep followers.

This is literally the *opposite* of the reason Fitch gave for downgrading the U.S. bonds -- which was Congress 𝒏𝒐𝒕 𝒆𝒏𝒂𝒄𝒕𝒊𝒏𝒈 𝒆𝒏𝒐𝒖𝒈𝒉 deficit reduction in the past year. https://t.co/BO035uNt5V

— Brian Riedl 🧀 🇺🇦 (@Brian_Riedl) August 2, 2023

government regime spends and spends and spends and spends.. passes huge environmental spending bill and calls it an inflation reduction act, but it's House Republican's fault credit rating agencies are downgrading US credit rating and its ability to pay off debt. Schumer is one of the worst lying POSs out there.

Hey, Chuck Schumer ...

Which countries other than Switzerland are a better credit risk? And who TF is Fitch anyway? Who runs Fitch?

MagnumLoad said:

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Which countries other than Switzerland are a better credit risk? And who TF is Fitch anyway? Who runs Fitch?

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3rd largest US credit ratings agency.

You need to add an asterisk by the cash free bail to * non whites only. Whitey will get the book thrown at them unless it's an antifa.

"Following the news, Secretary of the Treasury Janet Yellen pushed back, calling the downgrade 'arbitrary' and 'outdated.'"

Nothing to see here! Ignore the man behind the curtain.

All our Presidents suck.
They all have contributed to the US being heavily in debt and slaves of China.

Downgrade reflects experts' accurate take on the US political situation. Banana republics don't deserve a AAA rating.

In truth, the U.S. credit rating is really rated at triple B. No way with all the wasteful spending over the years, is it now just down graded to double A.

Houston Lee said:

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F- Fitch! Just print more money and spend it! What is anyone going to do? Stop trading with the largest economy in the world?

You think the other countries are any better?

The world is just going to print and spend money, because they can.

The people need something to use as "money", why not a piece of paper?

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Sarcasm duly noted

CNN

You’ll never guess what CNN blames for the US credit score downgrade… pic.twitter.com/WyuJNbfJJH

— End Wokeness (@EndWokeness) August 2, 2023

This was a completely unwarranted action. I sure hope they have all their books in order.

Most inept Cabinet in American history! Janet is at the top of the list.

Fitch and Moodys are those same guys that gave tranches of dog **** mortgage backed securities triple A ratings when they were chock full of B- or less mortgages.

richardag said:

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Houston Lee said:

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F- Fitch! Just print more money and spend it! What is anyone going to do? Stop trading with the largest economy in the world?

You think the other countries are any better?

The world is just going to print and spend money, because they can.

The people need something to use as "money", why not a piece of paper?

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Sarcasm duly noted

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Best looking nag at the glue factory

Bubblez said:

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This was a completely unwarranted action. I sure hope they have all their books in order.

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Lol, it's completely warranted. Our debt to GDP ratio is roughly 120%, triple what it was in the 70's and 80's and double what it was in the 90's and early 00's before Obama launched us into orbit. Trump kept up that pace, and Biden took it to a whole different level.

We're spending well beyond our means, and the chickens will eventually come home to roost.

Good for Fitch for having the courage to call it what it is... a house of cards.

BoDog said:

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Houston Lee said:

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F- Fitch! Just print more money and spend it! What is anyone going to do? Stop trading with the largest economy in the world?

You think the other countries are any better?

The world is just going to print and spend money, because they can.

The people need something to use as "money", why not a piece of paper?

---

Yeah, I am pretty sure that Houston was not an econ major....

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And I suppose you were not a sarcasm major.

Memaw safe from covid and tellin' us how it is bout that $32T national debt.

MemphisAg1 said:

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Bubblez said:

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This was a completely unwarranted action. I sure hope they have all their books in order.

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Lol, it's completely warranted. Our debt to GDP ratio is roughly 120%, triple what it was in the 70's and 80's and double what it was in the 90's and early 00's before Obama launched us into orbit. Trump kept up that pace, and Biden took it to a whole different level.

We're spending well beyond our means, and the chickens will eventually come home to roost.

Good for Fitch for having the courage to call it what it is... a house of cards.

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This problem started with Nixon and has continued unabated since then. The debt doubles every eight years give or take regardless of who is president. Hell it tripled under Reagan. Point is nothing the past three presidents has done is unusual, it's who we are in a fiat currency era.