from 21st Century Wire:
David Woo says…
US growth stocks had their worst week since March after Fitch Ratings stripped the US of its AAA credit rating. Janet Yellen called Fitch’s decision “arbitrary” and the Biden campaign is already labelling the move as the “Trump downgrade.”
What drove Fitch to make an enemy of the White House and why did it choose this time of all times to downgrade the US credit rating? Why is the US debt ceiling the only institutional safeguard against fiscal excess and why was the 2023 debt ceiling crisis a complete let-down? What does the Fitch downgrade say about how extreme political polarization is affecting US economic policies?
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Will the Fitch move embolden fiscal conservatives enough to force another government shutdown in the fall? Will Kevin McCarthy stand up and put up a real fight this time? The US debt clock is ticking and how will stagflation exacerbate debt dynamics. Fiscal stimulus has bought time before the next recession but how much longer will it keep the economy humming before its runs out. David Woo, a former IMF economist and top-ranked Wall Street global macro strategist, tells it as it is. You may not agree with everything he says but he will make you reassess everything you thought you knew. Watch: