Lawmakers express outrage over surprise Fitch decision

The Hill ^ | 08/02/2023 | TOBIAS BURNS

[ChicagoConservative27]

The move by market agency Fitch Ratings to downgrade the United States’ debt rating has startled lawmakers and policymakers alike, who said Wednesday that they were perplexed by the move amid strong recent economic indicators.

In addition, news Wednesday that U.S. political instability reflected in the Jan. 6, 2021, insurrection at the Capitol was a factor in the downgrading has further confused the Beltway, which was already reeling from a third indictment of former President Trump.

Fitch downgraded its issuer default rating for the U.S. on Tuesday evening, surprising investors, roiling equity markets and sending bond yields higher Wednesday morning.

Treasury Secretary Janet Yellen was also vocal about the move by Fitch Ratings, slamming it on Wednesday as “flawed” and “entirely unwarranted.

[ChicagoConservative27]

Startled lawmakers????? Stop printing and spending money you dirt bags.

[mrmeyer]

Shitheads caused it.

[Red Badger]

Outrage?

They caused it!.................

[Obadiah]

Yeah, lawmakers are outraged. Imagine that. If that tree wasn’t there I wouldn’t have hit it, officer.

[Boogieman]

“they were perplexed by the move”

Gee, maybe we can explain it to them in monosyllabic words that they can understand:

“If you have no bucks, you no spend more”

Or would even that perplex them?

[Paladin2]

I continue to express outrage over McCarty’s capitulation on spending.

[dagunk]

When is the last time we had a budget?

[gibsonguy]

That shithead Biden is blaming Trump

[Tupelo]

“Lawmakers express outrage over surprise Fitch decision”

Outrage??? Surprise???
Don’t those stupid* Sons of Jill know that for every action there is an opposite & equal reaction? Well this is simply one reaction to 110 years of mismanagement of the American dollar. One 1913 dollar is worth $30.82 in 2023. Mismanagement that has grown worse since the year 2020.
*Yeah, Stupid as in Terminally Stupid.

Oh yeah, I have a question. Does anyone know what an 1803 dollar was worth in 1903? I do notknow, but I betcha it was a lot less than $30.00. Maybe $1.10 or even less.

[ProtectOurFreedom]

“Startled lawmakers?”

How in the world would you be “startled” by a problem 50 years in the making? Did it quietly sneak up on you? Forking idiots...but they ARE in Congress.

“...amid strong recent economic indicators” — Name ONE. Just ONE.

There is an imminent collapse of commercial real estate that is going to cause a lot of bank failures probably including one of the Too Big To Fail banks. Our cities are being deserted, massive building complexes, skyscrapers, and malls are empty, criminals have overrun the cities, drug use is rampant so nobody wants to return to the cities, and people have learned to enjoy working from home. The cities are NOT coming back. And the feds don’t have the trillions of dollars needed to bail out the cities, property owners, and banks.

[econjack]

Rather than being shocked, how about being fiscally restrained.

[Secret Agent Man]

I’m sure they were not startled.

I’m not.

[WinstonSmith1984]

Well when your government is corrupted as are the judge’s, prosecutors and elections…. No one is going to have faith in your system. Guess what your going to collapse and become Venezuela…

[IllumiNaughtyByNature]

Remember that whole, It’s the Economy, Stupid!” thing? yea, that’s it. Not Get Orange Man or Potato Joe is really smarts... it’s the economy, seriously.

[mass55th]

They keep printing and spending money like it was water, while continually raising the U.S. debt, and then they get their panties in a twist when the U.S. credit rating is reduced? What a bunch of delusional a-holes they are.

Anybody that has credit cards, etc., knows that the higher your debt increases, the lower your credit score goes. They go hand-in-hand.

[ProtectOurFreedom]

Reference $100 in 1803 and 1903 to today and divide:
$100 in 1803 is worth $2,700 today
$100 in 1903 is worth $3,467 today

3,467 / 2,700 = 1.28. So $1.00 in 1803 would have been worth $1.28 in 1903.

You were close. Money in that era was tied to the value of precious metals, unlike today’s fiat currency. So the value stayed nearly constant. Without any intrinsic underlying value, our government can inflate away to run these outrageous debts.

I just turned 72. My first political memories from my teens (besides the Viet Name war) were always of spiraling federal debt and runaway spending. People in that had no clue what was coming after Nixon finally destroyed the gold standard once and for all.

[Recovering_Democrat]

Who? Who was surprised? This crap happened under B Hussein Obama and now it is happening under Xiden.

No one should be surprised.

[Alberta's Child]

What’s most shocking is that the U.S. government’s credit rating wasn’t reduced to junk status once Congress decided to eliminate the debt ceiling.

I don’t know what anyone else thinks, but if I do a credit check on a prospective client and I see that he has an unlimited line of credit with a current outstanding balance of $32 trillion, I’m going to insist on getting paid up front before I do one minute of work on the client’s project.

[clearcarbon]

"Fitch downgraded its issuer default rating for the U.S. on Tuesday evening, surprising investors, roiling equity markets and sending bond yields higher Wednesday morning."

O'Biden marches on.

[CodeToad]

Our debt isn’t even worth the AA+ rating. Our debt continues to grow, the interest is manipulated, the currency is manipulated and fiat at best, and it could crash in a second. The fact that the federal government can tax everyone to death means nothing if the economy can also tank.