The credit rating downgrade of the United States from Fitch on Aug. 1 sent shock waves through the economic system. It triggered a sell-off in U.S. stocks and a 1.4% decrease in the S&P 500.
Fitch listed several reasons for its decision, including political turmoil and the “expected fiscal deterioration over the next three years.” It was an ominous sign for the country’s economic future, including President Joe Biden’s highly touted, highly propagandized “Bidenomics.” It was also a wake-up call for politicians on both sides of the aisle to rein in reckless government spending.
But the damage doesn’t have to be irreparable. A prioritization of fiscal responsibility instead of spending the nation into oblivion can alter the nation’s current path of impending financial doom. Limiting needless spending and taking proactive measures to control and reduce the country’s deficit have become necessities instead of merely talking points on political television shows.
Part of the hurdle, however, is the Biden administration. The president’s destructive tidal wave of spending has put the nation in a dire situation. And despite Biden’s repeated claims to the contrary, when he was on the campaign trail and as president, he’s done little to control government spending. His presidency has been a virus that’s threatened the nation’s fiscal health.
However, if our government continues to make the same mistakes, then financially challenging times are in the nation’s future. Unless Washington changes its destructive habits, any forthcoming problems will be here sooner rather than later. And the continued failure of the Biden administration to change course will directly threaten the once-hallowed promise of the “American dream.”
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