Fitch Ratings downgraded the U.S. long-term foreign-currency issue default rating from AAA to AA+, Tuesday.
“The 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 relative to ‘AA’ and ‘AAA’ rated peers over the last two decades that has manifested in repeated debt limit standoffs and last-minute resolutions,” the Fitch team wrote in their explainer for the downgrade.
According to Fitch, there has been an overall downgrade in governance over the last 20 years, particularly as it comes to managing fiscal and debt matters in the U.S. The back-and-forth and last-minute resolutions has damaged the world’s view of American politician’s handling of their fiscal responsibilities.
Recession On The Horizon
Fitch went on to argue that “Tighter credit conditions, weakening business investment, and a slowdown in consumption will push the U.S. economy into a mild recession in 4Q23 and 1Q24.” And the 10-year outlook is not much better.
Economic policy is only as complicated as the government makes it. And a handful of corrupt individuals do not have to destroy your life. (LEARN MORE: ‘Our Money Our Values’ Educates Americans On The Dangers Of ESG Policies)
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