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Are You Serious? [1]
['This Content Is Not Subject To Review Daily Kos Staff Prior To Publication.']
Date: 2023-08-02
www.cnn.com/…
Some rating company I have never heard of called Fitch downgraded US to AA+ from AAA because? Well they were worried about the debt and the deficit, something if that was around in since the tax cut of 2002. They seemed to have no concern about that. Trump and the GOP blew a bloody hole in the deficit and debt with the 2017 tax cuts and I never heard a peep from this company, which seems to have so much influence, about the debt. But here is the real concern. Since Biden became president he has reduced the deficit and invested in the type of things that are sure to raise revenues. All indicators point to that. And Fitch is not calling for raising taxes to raise the ratings. No this is the financial powers that be who realize Biden is really committed to building the economy up from the working and middle class and not giving more money to the top one percent. I don’t know how the rest of rating groups will deal with this, but it is clearly designed to raise interest on bonds to recoup the money for the one percent at the expense of everyone else. I apologize if I am reading this wrong. I am a lawyer not an economist so I welcome any comments that can educate me. But how the heck can our rating be lowered when Biden is actually reducing the deficit and has brought our economy to the best it has been in 50 years? Something is going on here and I hope the Kossaks can educate me on this, because I can’t figure it out.
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