U.S._ Credit downgrade for U.S government threatens to put the squeeze on Washington and the average Joe

THE WASHINGTON TIMES

Credit downgrade for U.S government threatens to put the squeeze on Washington and the average Joe

This photo shows signage for Fitch Ratings, Sunday, Oct. 9, 2011, in New York. On Tuesday, Aug. 1, 2023, Fitch Ratings has downgraded the U.S. credit rating, citing an expected increase in government debt over the next three years and … more >


By Alex Miller and Kerry Picket - The Washington Times - Updated: 6:08 p.m. on Wednesday, August 2, 2023


Fitch Ratings’ decision to downgrade the federal government’s credit rating is not just an embarrassing black eye for Washington, but economists said it will also hit the government — and possibly average Americans — in the wallet.

Fitch dropped America’s long-term foreign currency issuer default rating to AA+, a step down from the top-tier AAA rating, for only the second time in history.

While that’s still a highly favorable rating, the drop could downgrade bonds and increase interest rates, said Chris Edwards, an economist at the Cato Institute who said that could eventually lead to a debt “death spiral.”

“It’s a big sign that Washington needs to cut spending elsewhere,” Mr. Edwards told the Washington Times. “It’s going to drive the American economy to the poor house.”

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READ MORE: https://www.washingtontimes.com/news/2023/aug/2/credit-downgrade-us-government-threatens-put-squee/

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