Everyone, Everywhere, "Now and Expert" on U.S. Credit Ratings

It's 8:15 in the morning, and everyone from morning show hosts (drinking wine already) to political sycophants are now Wikipedia experts in America's creditworthiness. Back to bed for me...

Dear Fellow Expat:

Today is an amazing day on social media. 

Everyone - everywhere - is suddenly an expert on the U.S. credit rating, the role of fiscal policy, and the future of America’s financial condition.

Everyone… everywhere… “now and expert” (as I like to joke - yes, the spelling is on purpose) on one of the most complex topics that very few people can even comprehend. 

Here’s how it started.

Last night, Fitch Ratings downgraded the U.S. long-term credit rating to AA+ from AAA. 

The announcement reminds us of a similar move made in 2011 by S&P Global Ratings after a highly politicized government standoff over the U.S. debt ceiling.

The credit agency cited deep concerns about the deterioration of governance in Washington. What does that mean? Let’s explain…

’Deterioration in the standards of governance’’

Let’s go to the text from Fitch Ratings.

"The repeated debt-limit political standoffs and last-minute resolutions have eroded confidence in fiscal management," Fitch said in a report las…