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?
