(Mark Pellin, Headline USA) On the same day when a politically-weaponized Biden Justice Department indicted former President Donald Trump for alleged crimes related to the J6 Capitol protests, one of the world’s top credit rating agencies announced that it had downgraded the United States.
Fitch Ratings dunked the U.S. spending machine that is the federal government from the highest level of AAA down one tier to AA+, citing the high national debt and deficits as well as an “erosion of governance” as leading concerns.
CNN was quick to pounce on the announcement and use it as a bludgeon to batter Trump and link the downgrade to the Jan. 6 protests.
The reliably MAGA-hating outlet blared a headline: ‘Fitch downgrades US debt on debt ceiling drama and Jan. 6 insurrection.’
All Democrats, and those Republicans who talk about fiscal responsibility but voted for the unlimited debt ceiling increase that locked in Biden’s big spending—own this credit rating downgrade. https://t.co/VhDIVmdXfy
— Congressman Bob Good (@RepBobGood) August 2, 2023
When the U.S. tumbles into recession, as Fitch predicted, it would come as no surprise to see CNN blame Trump for that, as well.
“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, according to Fitch projections,” the agency announced.
“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 ‘A.A.’ and ‘AAA’ rated peers over the last two decades that has manifested in repeated debt limit standoffs and last-minute resolutions,” Fitch said in its announcement.
Democrats, who have been busy spending the country into oblivion to push a radical, leftist agenda, were quick to join CNN to pounce on Fitch’s “erosion of government” comment and blame Republicans.
“We strongly disagree with this decision,” White House press secretary Karine Jean-Pierre said in a statement regarding the Fitch downgrade.
“And it’s clear that extremism by Republican officials—from cheerleading default, to undermining governance and democracy, to seeking to extend deficit-busting tax giveaways for the wealthy and corporations—is a continued threat to our economy,” the insurrectionist press secretary said.
Biden Treasury Secretary Janet Yellen parroted the White House talking points
“I strongly disagree with Fitch Ratings’ decision,” Yellen in a statement. “The change by Fitch Ratings announced today is arbitrary and based on outdated data.”
Yellen Says Fitch Downgrade Based on Outdated Data
She's right: US interest expense is no longer $500 billion, it is $1 trillion now
— zerohedge (@zerohedge) August 1, 2023
“President Biden and the far left’s out-of-control spending has driven our economy into the ground, eroding confidence in our financial stability,” tweeted Rep. Roger Williams, R-Texas, chairman of the House Committee on Small Business. “Democrats continue to stand in the way of sound fiscal policies from the @HouseGOP. We deserve better!”
