American voters are expressing their dissatisfaction with the latest negative rating regarding the U.S. economy. The rating agency Fitch recently downgraded the United States’ long-term foreign-currency issuer default rating from “AAA” to “AA+,” citing the expected fiscal deterioration and the nation’s heavy debt burden. This downgrade has raised concerns among American voters about the state of the economy.
During a recent appearance on Fox Square’s “Varney & Co.,” a voter named Al expressed his frustration, stating, “We’re losing our standing in the world, it’s making us look bad in the world. We can’t spend money we don’t have. Families can’t spend money they don’t have.” Al also criticized the government’s tendency to print more money whenever someone wants something.
Another voter, Gene, echoed these sentiments, stating, “[Bidenomics] hasn’t been working since the first day he took office. This doesn’t overly concern me as far as the credit rating, but it’s not good for the confidence of the economy in general.” Gene also highlighted the detrimental impact of inflation on everyday expenses such as electric bills and grocery costs.
The credit downgrade by Fitch has added to the overall gloomy economic landscape, leading some voters to consider fiscal issues when making their decisions for the 2024 presidential election. Retired teacher Kathy, who is on a small pension, expressed her concerns about the economy, saying, “I’m on a small pension and the economy is killing it, the inflation’s killing it, and I’m spending more each month and I’m making less. So I have a big decision to make about who’s going to be the next president.”
U.S. Treasury Secretary Janet Yellen defended the Biden administration’s handling of the economy, stating that old data was used for the rating downgrade and that credit conditions have improved under their administration. Yellen also attributed some of the economic challenges to the previous Trump administration.
The credit rating downgrade has implications for investors, as it affects the risk profile of companies and governments when they raise financing in the debt capital markets. Generally, a lower rating leads to higher financing costs.
The White House Council of Economic Advisers has not yet responded to requests for comment or reactions to the voter quotes.
Overall, the negative rating and the concerns expressed by American voters highlight the challenges facing the U.S. economy and the potential impact on the upcoming presidential election.
What are the potential consequences of losing the “AAA” status on the country’s credibility and reputation in the global arena
Live like that, and neither should our government.”
Many other voters share Al’s sentiment, feeling that the downgrade reflects poorly on the country’s financial health and overall reputation. They worry about the impact it will have on the economy and their own livelihoods.
The Fitch rating downgrade is seen as a result of the expected deterioration in the nation’s fiscal health, coupled with the heavy burden of debt. This has stirred concerns among American voters who fear that it may hinder the country’s ability to manage its finances effectively and make it more challenging to tackle future economic crises.
It is evident that American voters are deeply dissatisfied with the latest downgrade, as it reinforces their existing concerns about the state of the economy. They have expressed their frustration, emphasizing the need for responsible fiscal management and the importance of reducing the nation’s debt burden to restore confidence in the economy.
The downgrade has also raised questions about the country’s standing in the global arena. American voters fear that the loss of the “AAA” status will undermine the nation’s credibility and reputation, potentially affecting its relationships with other countries and its ability to attract foreign investments.
Overall, the Fitch rating downgrade has instilled a sense of unease among American voters. It serves as a wake-up call for the government to address the issues that led to this downgrade and work towards strengthening the economy and regaining the trust of its citizens. The dissatisfaction expressed by voters reinforces the urgent need for responsible fiscal policies and a long-term strategy to reduce the nation’s debt burden, offering a glimmer of hope for a brighter economic future.
