Democrat President Joe Biden’s “Bidenomics” just dealt a huge blow to the American people as a major credit ratings agency issued a downgrade for the United States.
Ratings agency Fitch downgraded the U.S. government’s top credit rating to AA+ from AAA.
The move comes in response to an expected fiscal deterioration over the next three years as well as a high and growing general government debt burden.
“In Fitch’s view, there has been a steady deterioration in standards of governance over the last 20 years, including on fiscal and debt matters, notwithstanding the June bipartisan agreement to suspend the debt limit until January 2025,” the rating agency said.
The agency listed numerous factors for downgrading Biden and his economy which included the “Erosion of Governance.”
“In Fitch’s view, there has been a steady deterioration in standards of governance over the last 20 years, including on fiscal and debt matters, notwithstanding the June bipartisan agreement to suspend the debt limit until January 2025,” the agency notes.
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