US voters say credit downgrade 'another straw in the haystack' in a 'downward spiral' economy
'The Big Money Show' co-host Brian Brenberg speaks with voters in Fox Square about American's credit rating downgrade.
American voters are not pleased – but also not surprised – with the latest negative rating regarding the U.S. economy.
«We're losing our standing in the world, it's making us look bad in the world. We can't spend money we don't have. Families can't spend money they don't have,» a voter named Al told FOX Business co-host Brian Brenberg on Fox Square during a "Varney & Co." appearance Wednesday.
«Yet this country doesn't seem to say no,» he continued. «Every time somebody wants something, the political forces that be, say, ‘Okay, we'll just print more money.’»
Those comments come on the heels of ratings agency Fitch announcing a downgrade of the United States' long-term foreign-currency issuer default rating to «AA+» from «AAA,» saying the downgrade «reflects the expected fiscal deterioration» and the nation's heavy debt burden.
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Fitch pointed towards America's «erosion of governance,» rising deficits, and tightening by the Federal Reserve. It also said it expects the U.S. economy to slip into a mild recession in the fourth quarter.
U.S. voters weigh in on the Biden economy and latest credit rating downgrade on Fox Square in a «Varney & Co.» appearance on Wednesday, August 2, 2023. (Fox News)
U.S. Treasury Secretary Janet Yellen led the charge in pushing back on the rating in a statement on Tuesday, claiming that old data was used and credit conditions have improved under the Biden administration. She put additional onus on Trump-era woes.
«Fitch’s quantitative ratings model declined markedly between 2018 and 2020 – and yet Fitch is announcing its change now,
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