Moody's on Friday lowered its outlook on the U.S. credit rating to "negative" from "stable" citing large fiscal deficits and a decline in debt affordability, a move that drew immediate criticism from President Joe Biden's administration.
  • MJBrune@beehaw.orgEnglish
    81·
    1 year ago

    Funny how Biden gets blamed for this when it’s very much Trump who caused this to happen. Obama created the best economy for Trump. We were at the height of the longest economic expansion in American history. Trump then increased the federal budget deficit by 50%, the US national debt increased by 39%, and Trump had negative job creation (downsizing the economy) whereas both Obama, Biden, and Clinton all had positive job creation. Trump lost the most jobs in the history of a president! Trump then went on to butcher Obamacare making it harder for people to fight for a higher income in the economy, then gave major tax cuts to the rich.

    But yes, tell me again how Biden inheriting the fuckup that is Trump’s economy is Biden’s fault.

    • zerfuffle@lemmy.ml
      2·
      1 year ago

      Never thought I’d defend Trump, but he was in office during the start of the pandemic, one of the largest systemic shifts in society in decades.

      • MJBrune@beehaw.orgEnglish
        4·
        1 year ago

        He also dismantled the literal team (Global Health Security and Biodefense unit) that was supposed to help with issues like the pandemic then made it worse by going against all medical professional advice and actively opposing it on TV. If you don’t want to defend Trump, then don’t because there is nothing here to defend. He mishandled the entire thing and all he did is give major tax cuts to the rich.

  • AutoTL;DR@lemmings.worldBEnglish
    3·
    1 year ago

    This is the best summary I could come up with:

    NEW YORK/WASHINGTON, Nov 10 (Reuters) - Moody’s on Friday lowered its outlook on the U.S. credit rating to “negative” from “stable” citing large fiscal deficits and a decline in debt affordability, a move that drew immediate criticism from President Joe Biden’s administration.

    The ratings agency said in a statement that “continued political polarization” in Congress raises the risk that lawmakers will not be able to reach consensus on a fiscal plan to slow the decline in debt affordability."

    “Any type of significant policy response that we might be able to see to this declining fiscal strength probably wouldn’t happen until 2025 because of the reality of the political calendar next year,” William Foster, a senior vice president at Moody’s, told Reuters in an interview.

    Republicans, who control the U.S. House of Representatives, expect to release a stopgap spending measure on Saturday aimed at averting a partial government shutdown by keeping federal agencies open when current funding expires next Friday.

    A New York Times/Siena poll released on Sunday showed him trailing former President Donald Trump, the leading Republican candidate, in five of six battleground states: Nevada, Georgia, Arizona, Michigan and Pennsylvania.

    U.S. House Speaker Mike Johnson, who has spent days in talks with members of his slim 221-212 Republican majority about several stopgap measures, said Moody’s decision underscored the failure of what he called Biden’s “reckless spending agenda.”

    The original article contains 846 words, the summary contains 227 words. Saved 73%. I’m a bot and I’m open source!