Dumb Trump supporters raise mortgage rates, reduce money for Social Security and Medicare, and Make America A Laughing Stock.
Can we make it a habit to post source links? I don’t want to surf completely on vibes.
Maybe its behind a paywall?
Ideally, an un-paywalled version can be found. Even if one can’t be found, it is still much better to post the source.
Listen to picture. Feel angry at big group of people.
So, the ‘pro-economy’ GOP has done more damage to our economy. Basically.
^ TL; DR
You also left out “again”.
What’s really interesting is that the [manufactured] debt ceiling crisis in 2011 caused the credit rating agency S&P to downgrade US debt then as well…BUT, instead of causing US debt to be more expensive, investors wound up selling equities and buying MORE debt, causing interest rates to go down even more, and bond prices to increase!
Bill Gross, founder and manager at the time of PIMCO’s fixed income/debt fund, the biggest in the world, wagered HEAVILY that the debt downgrade would cause interest rates to go UP, and bond prices and to go down, as they should, according to every economics textbook ever. He lost billions as a result and I think that’s about when Pimco fired him even though he was the founder.
Interestingly, this downgrade seems to be largely ignored by both debt and equity markets. Markets appear to be pricing this in as “business as usual” which is sorta interesting in itself. Smart money seems to think everything is fine. I usually go with the smart money on these things, so I’m not too upset about Fitch’s downgrade. (Just to be clear though, the R party can go fuck themselves.)
It can be smart money thinks it’s fine, or smart money has already priced in the risk due to the trump years.
They’ll never accept responsibility.
And they’ll blame biden for it.
Not surprised as this has been accomplished by not approving government budgets as well causing all Americans costs for financial services to raise.
S&P lowered their rating to AA+ back in 2011, honestly I’m surprised it took so long for another rating agency to drop theirs down. Wouldn’t be surprised if Moodys drops theirs as a result.
Why’d it take them two and a half years?
It was the recent debt ceiling stuff.
Important to remember, in many cases it was a goal, not a side effect. When someone lived out their life and they’re kinda miserable and unfulfilled, they might justifiably hate our world, in a sense. There’s really only one way to take revenge on it, and that’s to perpetuate and worsen the shittiness so that nobody can hope to escape it.
Misery loves company, or so the saying goes.
Says a lot about the people that absolutely don’t want for student debt to be cleared in the USA because they had to clear it themself.
The worst part is that the student debt they paid off was a small portion of the debt that people cannot afford to pay off now because the same people defunded universities.
When I was a young kid a summer job at minimum wage could pay for a year of state college. By the time I attended a summer job paid for a semester. Now a summer job at the minimum wage will barely pay for books, since the minimum wage has stagnated and tuition goes up year after year.
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I don’t think it’s particularly complex.
They captured state houses and gutted state budgets for direct funding to universities. Simultaneously, democrats tried to make up the difference at the national level by pushing for and getting pell grants, which are dedicated grant funds. This means there’s a dedicated amount of federal funds on the table every year, which mitigates against the market forces that would otherwise push tuition prices back down.
Students are then encouraged to take personal loans to cover the manufactured shortfall. Students can’t discharge this in bankruptcy, which encourages bad lending practices.
Almost all of this is very normal cause and effect with plenty of analogous historical examples, so even if we the idiot people don’t get it, you can be pretty sure that our highly educated and wealthy elected officials knew exactly what would happen.
If this were all too confusing or complex to know the outcome, then at least some of the time we’d see benefit randomly go to the individual. But it doesn’t, ever.
That last paragraph is a mess. Nice.
Nonono. America was a laughing stock. Britain’s taken that moniker and now America’s that drug-addled cousin that nobody will look in the eye when they show up uninvited to Christmas dinner.
