Biden indicts Trump to hide USA's credit rating dropping

So they indicted President Donald John Trump again, this time for giving a speech on the National Mall. Apparently that is now an insurrection. J. Edgar Hoover is probably kicking himself for not thinking of arresting Martin Luther King after his “I Have A Dream” speech. Hoover once tried to blackmail King into committing suicide.

Now, whenever Biden indicts Trump, smart readers ask themselves what is Biden trying to distract us from this time? His son’s day in court? His secretary of state bowing to Chairman Xi? A whistleblower testifying before Congress?

This time it is creditors getting uneasy about his overspending. For every dollar the federal government takes in taxes, it spends two. Lenders want too charge you more money when you do that.

CNBC reported, “Fitch downgrades U.S. long-term rating to AA+ from AAA.”

The world’s once most reliable and secure investment — the valedictorian of the world economy — just got downgraded. It may not seem like much but it is a step in the wrong direction.

CNBC said, “Fitch Ratings downgraded the United States’ long-term foreign currency issuer default rating to AA+ from AAA on Tuesday, pointing to ‘expected fiscal deterioration over the next three years,’ an erosion of governance and a growing general debt burden.

“‘The repeated debt-limit political standoffs and last-minute resolutions have eroded confidence in fiscal management,’ said Fitch.

“U.S. stock futures opened lower after the rating agency issued its downgrade, with Dow futures sliding about 100 points.

“In May, the agency placed the nation’s AAA rating on negative watch, blaming the debt ceiling fight. At the time, lawmakers in Washington butted heads over an agreement that would keep the federal government from running out of money. President Joe Biden signed the debt ceiling bill on June 2, just days away from the X-date on June 5.”

Not mentioned is there would be no debt ceiling bills with their X-dates if Biden, Democrats and RINOs were not borrowing trillions of dollars a year.

When Biden took over, the national debt stood at $27,751,896,000,000.

2 1/2 years later, the national debt tops $32,763,982,000,000.

That’s $5 trillion in debt Biden and the DC syndicate borrowed in a little over 30 months. That’s $2 trillion a year. That’s money the U.S. government never intends to pay back.

To put this spendaholicism in perspective, we gave Zelensky $100 billion. 20 times that amount is $2 trillion. So Biden and company are borrowing enough money to hold 20 Ukraine wars a year.

And it’s 1, 2, 3 what are we paying for?
Go ask me, it’s Hunter’s cocaine.
The next stop is the Ukraine.
And it’s 5, 6, 7 open up debtors jail,
Well there ain’t no adults, just stay woke,
WHOOPEE we’re all going broke.

Somehow the conservative squares became the hippies and the smelly hippies became the Establishment.

The downgrade hasn’t happened since Obama was president. CNBC said, “This isn’t the first time a rating agency has downgraded the U.S. Standard & Poor’s cut the nation’s credit rating to AA+ from AAA in 2011 after Washington managed to avoid a default. At the time, the agency highlighted political risk as part of its reasoning.”

Obama got angry and screamed, and S&P backed down.

This time, Treasury Secretary Janet Yellen is yelling at Fitch.

She said, “I strongly disagree with Fitch Ratings’ decision. The change by Fitch Ratings announced today is arbitrary and based on outdated data. Fitch’s quantitative ratings model declined markedly between 2018 and 2020 — and yet Fitch is announcing its change now, despite the progress that we see in many of the indicators that Fitch relies on for its decision. Many of these measures, including those related to governance, have shown improvement over the course of this Administration, with the passage of bipartisan legislation to address the debt limit, invest in infrastructure, and make other investments in America’s competitiveness.

“Fitch’s decision does not change what Americans, investors, and people all around the world already know: that Treasury securities remain the world’s preeminent safe and liquid asset, and that the American economy is fundamentally strong.

“Over the past few years, the United States has undergone a historically fast economic recovery from a deep recession. Today, the unemployment rate is near historic lows, inflation has come down significantly since last summer, and last week’s GDP report shows that the U.S. economy continues to grow. The American economy remains the world’s largest and most dynamic economy, with the deepest and most liquid financial markets in the world. To build on this, President Biden and I have been focused on making critical investments in our country’s core economic strength and productive capacity.

“President Biden and I are committed to fiscal sustainability. The most recent debt limit legislation included over $1 trillion in deficit reduction and improved our fiscal trajectory. Looking forward, President Biden has put forward a budget that would reduce the deficit by $2.6 trillion over the next decade through a balanced approach that would support investments for the long-term.”

That’s her answer? We will trim $2 trillion annual deficits by $260 billion (or 2.3 Ukraine wars) 10 years from now. Instead of borrowing another $20 trillion, we will borrow $17.4 trillion. She is starting to make Mayorkas look competent.

Zero Hedge tweeted, “Yellen Says Fitch Downgrade Based on Outdated Data.

“She’s right: US interest expense is no longer $500 billion, it is $1 trillion now.”

Remember in Goodfellas when they took over the restaurant and used it to buy booze and other stuff that the mobsters resold for less than they paid? That’s what Democrats and the DC Republicans are doing. And when they are done, they will send Joe Pesci in to burn the place down, just like in the movie.

Via UPI, Fitch said, “In Fitch’s view, there has been a steady deterioration in standards of governance over the last 20 years, including on fiscal and debt matters, notwithstanding the June bipartisan agreement to suspend the debt limit until January 2025.”

Fitch is correct. The last 20 years have been a spending spree for the government.

I hate to say this, but Bill Clinton and a Republican Congress wrestled the deficits and gifted Bush 43 with a balanced budget. He then took a $5.7 trillion national debt and made it $10.6 trillion eight years later.

Obama made it $19.9 trillion.

Trump made it $27.7 trillion in four years and Biden has made it $32.6 trillion in just 2 1/2 years.

Uncle Sam is well on his way to becoming a NINJA borrower: No Income, No Job or Assets.

Indicting Trump does not change that. The indictment just keeps that fact out of the newspapers.