US Credit Rating Cut by Egan-Jones ... Again
Ratings firm Egan-Jones cut its credit rating on the U.S. government to "AA-" from "AA," citing its opinion that quantitative easing from the Federal Reserve would hurt the U.S. economy and the country's credit quality.
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In its downgrade, the firm said that issuing more currency and depressing interest rates through purchasing mortgage-backed securities does little to raise the U.S.'s real gross domestic product, but reduces the value of the dollar
In turn, this increases the cost of commodities, which will pressure the profitability of businesses and increase the costs of consumers thereby reducing consumer purchasing power, the firm said.In April, Egan-Jones cuts the U.S. credit rating to "AA" from "AA+" with a negative watch, citing a lack of progress in cutting the mounting federal debt.
Moody's Investors Service ... currently rates the United States Aaa, Fitch rates the country AAA, and Standard & Poor's rates the country AA- plus. All three of those ratings have a negative outlook.
So Ben, do you Remember W.R. Grace's short-lived "The Debt Trials" PSA in 1986? I do. When it ran, our national debt was 2 Trillion Dollars. Now its 16 Trillion and thanks to you and your buddy Barack its accelerating out of control. Heck of a job, Ben! For your sake, I hope you can find a competent lawyer in 2017 willing to zealously advocate in your defense. Good luck with that....
In case the PSA slipped your mind, watch it here below.
