Staff Reports
Joe Biden has a lot of guts, which is not a big surprise. It's clear that he's done a terrible job because of how badly he's managed the economy, how much inflation has gone up, and how carelessly he's spent money. But instead of owning up to his mistakes, he tries to take credit for things he had nothing to do with or that just aren't true. He even has the nerve to call his mess "Bidenomics" as if it's something to be proud of. But you can't change the facts no matter how much you try.
Biden Team Throws a Fit Trying to Spin Fitch Downgrading US Credit Rating https://t.co/VAU6WDCtx5
— RedState (@RedState) August 2, 2023
And now, it seems like those facts may have caught up with Biden. Fitch Ratings lowered the country's credit rating from "AAA" to "AA+" because of the growing debt and the ongoing fights over the debt ceiling. Fitch said that the standards of government were getting worse, especially when it came to finances and debt, and that it was worried about how divided the country was becoming. This downgrade comes after Biden raised the debt ceiling, which made Fitch worry that the problem wasn't being dealt with. Even worse, the Federal Reserve has already raised interest rates to fight inflation, and this downgrade could make rates go up even more.
https://twitter.com/KevinTober94/status/1686516755248631808?s=20
Wow.
Fitch says it downgraded US gov’t debt for 3 reasons:
1) “the expected fiscal deterioration over the next 3 years”
2) “a high and growing general government debt burden”
3) the erosion of governance (compared to other AAA rated peers) https://t.co/918Cm0W5gQ— Heather Long (@byHeatherLong) August 1, 2023
A new statement on Fitch Ratings' downgrade, from White House @PressSec Karine Jean-Pierre: pic.twitter.com/9yijaRvS8D
— David Gura (@davidgura) August 1, 2023
This is only the second time in our country's history that our credit rating has been lowered. The last time was in 2011 when Obama and Biden were in charge. It's funny how, with Biden in charge, history seems to repeat itself. But instead of owning up to their mistakes, the Biden team is doing everything they can to make the situation look better. Treasury Secretary Janet Yellen said that the downgrade was "arbitrary and based on outdated data," but in reality, their failure to rule well is anything but random. They spent money without thinking, thinking they would never have to pay for it.
Yellen also doesn't seem to understand why Fitch made this choice, but that shouldn't be a surprise. After all, she is the same person who told us over and over again that inflation was "temporary" and tried to put the blame on the American people. The Biden government is in denial about how much they spend and how much debt they have. And the Biden team is blaming former President Donald Trump and House Republicans to try to avoid taking responsibility. But the problem really comes from within their own group. It's not the Republicans who need to spend less, but the Democrats.
The Biden team's attempts to make this drop look better are just a last-ditch effort to save face before the election. But no matter how they try to hide it, they have failed the people of the United States. Their careless spending is now coming up with them, and it's clear that they don't have a way out. The people of the United States deserve better than this, and it's time for a new leader.
