For just the second time ever, the United States has been stripped of its top credit rating.
Yesterday, Fitch Ratings — one of the world’s major credit rating firms — downgraded the U.S. credit rating to AA+ from AAA, a rating the nation had held since at least 1994.
The downgrade comes just months after Biden and congressional Democrats took the country to the brink of default and amid an increasingly unsteady economic path. Meanwhile, government spending under Biden continues at an breakneck pace in the shadow of a high national debt and rapidly rising federal deficit.
Of course, “reimagining” the U.S. economy is entirely the point under “Bidenomics.”
As the Biden administration predictably blames the previous administration for its own problems, one thing is certain: it’s the American consumer who will bear the brunt of the fallout from Biden’s economic mismanagement.
