Moody’s Ratings downgraded the U.S. credit rating from Aaa to Aa1 due to persistent fiscal deficits and a deteriorating fiscal outlook. This reflects increased government debt and interest payment ratios that are significantly higher than similarly rated sovereigns. Successful measures to reverse large annual deficits and rising interest costs have failed. The fiscal outlook appears to worsen with increased spending on entitlement programs like Medicare and Social Security due to the aging population and rising interest rates. The current proposals are deemed insufficient for material reductions in mandatory spending and deficits.
Tags #Business, #Government, #Politics
Lucem News Editor’s Opinion: After Bidenomics increased the national debt by 25% to 30% it currently sits at around 37 TRILLION. Many wonder how that debt can ever be paid off. Including the ratings agencies.
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