As if the Biden administration didn’t have enough reasons to be celebrating Jack Smith’s indictment of Donald Trump, think about how much attention the Fitch downgrading of the U.S. long-term rating is getting now, versus how much attention it would get in a normal news cycle. Fitch declared the downgrade reflects “the expected fiscal deterioration over the next three years, a high and growing general government debt burden,” as well as “a steady deterioration in standards of governance over the last 20 years.”
The spin from the Biden team is that this is all Donald Trump’s fault, nearly three years after Trump left office.
Biden insisted last fall, “the economy is strong as hell,” but polling indicates those strangely stubborn American people refuse to embrace that cheery assessment. Similarly, Biden insists he’s reduced the deficit – what actually happened is that programs for pandemic spending expired during his time in office — and yet somehow Fitch is less confident in the U.S. ability to pay its debts than before. In a normal news cycle, this would be a big deal.