https://www.reuters.com/markets/global-markets-wrapup-1-2023-08-02/
In my opinion, it's nothing, forgotten in a month.
Tbf that response by Obama is the only way a reasonable person should react. The credit-rating downgrade is just grandstanding and if Biden has any balls, he will just call them on their bluff, but of course we know he wont.
“The repeated debt-limit political standoffs and last-minute resolutions have eroded confidence in fiscal management,” Fitch said.
So they are worried about debt limit issues in the future? So funny. Why does U.S. have to kneecap itself like this.
Additionally, there has been only limited progress in tackling medium-term challenges related to rising social security and Medicare costs due to an aging population.
I fucking hate ratings agencies. Notice how they aren't worried about defence spending, only welfare.
Implementation of a fiscal adjustment to address rising mandatory spending or to fund such spending with additional revenues, resulting in a medium-term decline in the general government debt-to-GDP ratio;
The way these ratings agencies control governments on behalf of capitalists is so insidious.
I can really tell I'm not fully awake yet because I read that bit about medicare and went "huh? even they want us to fund our pittance of a welfare state?" before realizing those fuckign ghouls want us to slash it to make our ratios look better. Just like greece
It's not 'knee-capping' itself. It is slavishly adhering to liberal ideology and also maintianing the funneling of the majority of wealth to an increasingly small number of people.
