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Fitch downgrades US credit rating from AAA to AA+. Major independent agency said it had noted a "steady deterioration" in governance over the last 20 years. (www.bbc.com)

submitted 1 year ago* (last edited 1 year ago) by [email protected] to c/[email protected]

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Treasury Secretary Janet Yellen called the downgrade "arbitrary".

“Fitch’s decision does not change what Americans, investors & people all around the world already know: that Treasury securities remain the world’s preeminent safe & liquid asset, and that the American economy is fundamentally strong,” Yellen has said.

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[–] [email protected] 14 points 1 year ago

Well, yes.

The Republican Party has been playing a game of chicken with the debt ceiling for the past two decades when they don't have the presidency, and have been spending like drunken sailors when they do.

It's amazing we have to say this, but performative politics and playing footsie with fascism are apparenly bad for business.

[–] [email protected] 6 points 1 year ago (1 children)

I mean it's reflective of the actions of Wall Street and the Federal Reserve over the last 20 years (and primarily under Republican presidents)

[–] [email protected] 2 points 1 year ago

You mean the low rates and high spending?