Biden attacks GOP on economy after US credit downgrade
Christian Datoc
5–7 minutes
President Joe Biden has made attacking what he calls the "ultra-MAGA" economic platform a core pillar of his 2024 reelection pitch, and Fitch Ratings's recent downgrade directly pours gasoline on that fire.
Since entering office, Biden has fashioned his economic policies, recently dubbed "Bidenomics," in contrast with conservative policies he derides as "trickle down." The president claims to be building the economy from the "bottom up and the middle out," and though he says not all Republicans fall into this category, he essentially equates the "ultra-MAGA" wing of the party with anyone opposed to his spending packages.
The Biden administration has been making the case that the economy is slowly improving. Inflation has steadily inched back down toward 2021 levels, unemployment has hovered around 4% for over a year, and the Federal Reserve finally announced in July that it no longer expects a recession in the near future.
Still, Fitch specifically cited partisan "gridlock" and clear separation between Republican and Democrat spending priorities as the reason behind the downgrade, which dropped the United States from a "AAA" to "AA+" rating.
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https://www.washingtonexaminer.com/news/white-house/biden-attacks-gop-fitch-downgrade
