Fitch Downgrades US Credit Rating

The Biden Administration has wasted $11 trillion in the last 2 years from unchecked spending.
At $32 trillion, our debt is at 125% of GDP and we're headed on a path towards 200% of GDP.

 

Not a fan of Dimon, a guy whose ego is so massive he’s spending $6B on a new headquarters making his office the highest in NYC, but he does know this field.

 

Fitch said that the issues have stemmed from the last 20 years. It's been what again that got us in trouble - debt. First Bush spending in the fight against al Qaeda, then Obama with the post-9/11 spending that doubled down on Bush, then Trump's tax cuts coming before the Pandemic sprung yet another leak, and now with Biden spending like there's no tomorrow. The future isn't bright either. No matter who sits in the White House in 2025, they will be facing deficits at least $1.6T every year for the next 40+ years with steady increases every year until it hits $3T by 2033. The CBO projects the national debt to exceed $100T by 2075.

Biden doesn't care because he won't see 2030 and he knows that. His family will be taken care of all the way down to his 7th grandchild. They will always live the posh life. What I fear is what happens when GDP doesn't grow fast enough to stay ahead of debt. It's most likely going to happen too. The entire SS system is built like a Ponzi scheme - today's retirees are supported by today's workers. With Gen Z showing a very sharp decline in work, they won't be able to support today's retirees. GDP could drop by 25% by 2075 which would make debt 500% of GDP. If that comes to pass, the US would have been insolvent decades earlier.

 

I didn’t follow the rationale for GDP dropping by 25%… every projection i have ever seen has US being passed by China and eventually India but nowhere have I seen that. This is a cool visual of it.

 

The lies about the tax cuts are exaggerated. The more people working the more tax revenue we got... But yes, Trump had RINO and Dems overspend in his budgets that he had to sign just to get the spending for the military and other useful needs addressed. It's the Congress's fault that we over spend, no matter who the POTUS is.