The National Debt And The Imminent Fiscal Crisis
Sep 16th, 2023 | By Dr. Jim Eckman
As columnist George Will so eloquently puts it: “This nation is slouching into the most predictable fiscal crisis in its history.” On 1 August 2023, Fitch Ratings lowered the credit rating of the United States one notch to AA+ from a perfect AAA. The firm, citing a “deterioration in governance” along with America’s mounting debt load, suggested that “it could be a long time before that decision [i]s reversed.” This credit rating change is similar to the drop to AA+ in 2011 by S&P Global, which has kept its rating there. There is a profound lack of willingness to compromise and reasonably discuss the national debt on the part of both political parties.