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Moody's turns negative on US credit rating, draws Washington ire
(www.reuters.com)
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this post was submitted on 02 Dec 2023
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Funny how Biden gets blamed for this when it's very much Trump who caused this to happen. Obama created the best economy for Trump. We were at the height of the longest economic expansion in American history. Trump then increased the federal budget deficit by 50%, the US national debt increased by 39%, and Trump had negative job creation (downsizing the economy) whereas both Obama, Biden, and Clinton all had positive job creation. Trump lost the most jobs in the history of a president! Trump then went on to butcher Obamacare making it harder for people to fight for a higher income in the economy, then gave major tax cuts to the rich.
But yes, tell me again how Biden inheriting the fuckup that is Trump's economy is Biden's fault.
Never thought I'd defend Trump, but he was in office during the start of the pandemic, one of the largest systemic shifts in society in decades.
He also dismantled the literal team (Global Health Security and Biodefense unit) that was supposed to help with issues like the pandemic then made it worse by going against all medical professional advice and actively opposing it on TV. If you don't want to defend Trump, then don't because there is nothing here to defend. He mishandled the entire thing and all he did is give major tax cuts to the rich.
The 2017 tax cuts Trump implemented massively increased the debt. Obviously, that was before the pandemic. Those tax cuts were stupid and directly to blame for a significant icrease in the debt. Which is the opposite of what Trump claimed would happen.
https://www.taxpolicycenter.org/briefing-book/how-did-tcja-affect-federal-budget-outlook