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Fitch downgrades US credit rating over rising debt, repeated standoffs on August 1, 2023 at 9:32 pm Business News | The Hill
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1 year agoon
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Fitch Ratings downgraded the credit rating of the U.S. on Tuesday, saying the country’s growing debt and repeated standoffs over the borrowing limit make it less trustworthy then before.
Fitch downgraded the U.S. from a rating of “AAA” to “AA+” after several years of high-risk partisan battles over the debt limit. Those battles, Fitch said, have led to a spiraling national debt and a lack of faith in the U.S. government to handle it.
Flashback: Debt ceiling brinkmanship was too dangerous, analysts warn
“There has been a steady deterioration in standards of governance over the last 20 years, including on fiscal and debt matters, notwithstanding the June bipartisan agreement to suspend the debt limit until January 2025,” Fitch wrote.
“The repeated debt-limit political standoffs and last-minute resolutions have eroded confidence in fiscal management.”
Fitch’s downgrade comes roughly three months after President Biden signed a deal to raise the debt limit just days before the U.S. was expected to default on the national debt.
Fitch warned then that the growing debt — now well over $32 trillion — and Congress’s inability to manage it in a productive and responsible way posed threats to the country’s creditworthiness.
“The government lacks a medium-term fiscal framework, unlike most peers, and has a complex budgeting process. These factors, along with several economic shocks as well as tax cuts and new spending initiatives, have contributed to successive debt increases over the last decade,” Fitch said Tuesday.
“Additionally, there has been only limited progress in tackling medium-term challenges related to rising social security and Medicare costs due to an aging population.”
Fitch also cited “increased political polarization and partisanship as witnessed by the contested 2020 election” in its June warning. The agency released its Tuesday downgrade within moments of former President Trump’s indictment for his conduct on and leading up to Jan. 6, 2021.
The downgrade is an embarassing blow for the U.S. government, which had long been considered one of the safest borrowers in global finance.
Trillions of U.S. dollars and Treasury bonds lay the foundation for the U.S. financial system. That has allowed the federal government to rack up limitless debt without economic blowback.
While the rating’s downgrade may have a largely symbolic impact, it comes as the U.S. and other major powers face rising interest rates.
The Federal Reserve has boosted its baseline interest rate by 5.5 percentage points since March 2022 as the central bank battled inflation. A lower credit rating may push U.S. interest rates even higher, though global market conditions could dampen the full impact.
The timing of the downgrade, however, did raise eyebrows among some economists.
“The United States faces serious long-run fiscal challenges. But the decision of a credit rating agency today, as the economy looks stronger than expected, to downgrade the United States is bizarre and inept,” posted former Treasury Secretary Larry Summers on X, the platform formerly known as Twitter.
Updated at 6:06 p.m.
Business Fitch Ratings downgraded the credit rating of the U.S. on Tuesday, saying the country’s growing debt and repeated standoffs over the borrowing limit make it less trustworthy then before. Fitch downgraded the U.S. from a rating of “AAA” to “AA+” after several years of high-risk partisan battles over the debt limit. Those battles, Fitch said,…
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The Republic of Liberia and Fulton County Georgia Officials Meet to Strengthen Ties
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Published
2 days agoon
September 6, 2024![](https://bolanlemedia.com/wp-content/uploads/2024/09/24F2F929-5F1B-43A1-957E-EB69F1CA92F0.jpeg)
In a significant move to revitalize a nearly two-century-old connection, President of Liberia, Joseph Nyumah Boakai, and his cabinet members met with key Fulton County officials on Wednesday, August 21st. This historic meeting was made possible due to the efforts of Aaron Faulkner, film director, and Dr. Clarice Ford-Kulah, President of Providence Preservation Foundation Inc., who played a crucial role in facilitating the discussion. Dr. Ford-Kulah and her team were instrumental in bringing everyone together, and she will be orchestrating the return visit in December of the Fulton County delegation. The meeting, which took place in Atlanta, Georgia, focused on potential partnerships aimed at addressing Liberia’s current challenges and marked a significant step towards strengthening the historic ties between Liberia and Fulton County.
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President Joseph Nyumah Boakai met privately with Fulton County officials to discuss strengthening historic ties and exploring new collaborations between Liberia and Fulton County, Georgia.
The relationship between Liberia and Fulton County dates back to the early 19th century when freed African Americans, many from Georgia, settled in Liberia. This connection has endured for nearly two centuries, creating a unique bond between the two regions.
High-profile figures, including the President of Liberia, members of his cabinet, Chief Probate Judge Kenya Johnson of Fulton County, and Fulton County Chairman Robb Pitts, attended the meeting. The discussions focused on exploring ways to strengthen economic ties, foster educational and cultural exchanges, and address healthcare challenges in Liberia.
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President Joseph Nyumah Boakai met privately with Fulton County officials to discuss strengthening historic ties and exploring new collaborations between Liberia and Fulton County, Georgia.
Potential areas of collaboration include trade partnerships, investment opportunities in Liberian infrastructure, technology transfer programs, scholarship programs for Liberian students, cultural exhibitions, medical training programs, and telemedicine partnerships.
Chief Probate Judge Kenya Johnson provided insight into the historical ties between Fulton County and Liberia, referencing documents from the Fulton County Probate Court that shed light on the complex history of slavery and emancipation in the region.
Chairman Robb Pitts emphasized the potential for mutual benefit in this partnership, stating, “By leveraging our shared history and combining our resources, we can create meaningful change and opportunities for both Liberia and Fulton County.”
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President Joseph Nyumah Boakai standing next to Her Royal Majesty Shanta Lana Hereford, Warrior Queen of The Cherut Nation.
The meeting concluded with a commitment to continue dialogue and develop concrete action plans for collaboration. Both parties expressed optimism about the potential for this partnership to address pressing issues in Liberia while strengthening the bonds between the two regions.
This historic meeting marks a significant step towards revitalizing the connection between Liberia and Fulton County, with the potential to create meaningful change and opportunities for both regions.
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- Share your ideas and suggestions on how to strengthen the ties between Liberia and Fulton County
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A New Nation Rises, Elevating the Global Black Community
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Published
5 days agoon
September 3, 2024![](https://bolanlemedia.com/wp-content/uploads/2024/08/Screenshot-2024-08-30-at-10.14.18 PM.png)
A series of events took place to mark the establishment of a new nation, Cherut. These events brought together various individuals and groups, including leaders, advocates, and cultural figures, who share a common goal of self-determination and empowerment.
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Her Majesty Shanta Lana Hereford of The Ishola Empire, Princess, Empress Myishola Matthews of the Inosa Nation
Sunday Evening: A Gathering at the Hilton Hotel
On Sunday evening, an exclusive gathering took place at the Hilton Atlanta Hotel, attended by royal members of The Ishola Empire and the newly formed Nation of Cherut that included other notable figures, including:
- Dr. Peter W. Sherill: A renowned political scientist and advocate for electoral reform. Dr. Sherill has dedicated his career to promoting fair representation and equal political access.
- Dr. Cheryldene Cook,
- Mr. Harold James, owner of Vocal Leaf Tea and event sponsor.
Monday to Thursday: Workshops at INOSA
A series of workshops were held from Monday to Thursday at the Kemet Club in East Point, Georgia, to draft the charter for the Indigenous Nations of Sovereignty Alliance (INOSA). Participants engaged in collaborative discussions to form an organization that advocates for Indigenous nations, tribes, and kingdoms across the global Black diaspora.
Wednesday: A Bus Tour and Press Conference
On Wednesday, Empress Myishola Matthews, The Oba Binrin of The Ishola Empire, a visionary leader and cultural icon, joined the 124th National Black Business Conference for a bus tour of Tuskegee and a press conference, celebrating the legacy of Black excellence. Meanwhile, the newly appointed Queen Her Majesty Shanta Lana Hereford, a rising leader and advocate for political engagement, sat in to witness a private and historical meeting arranged by Aaron Faulkner and Dr. Clarice Ford Kulah between the President of the Republic of Liberia, his cabinet, Chief Probate Judge Kenya Johnson, and Fulton County Chairman Robb Pitts to discuss the long history and relationship between Liberia and Fulton County and how they can work together to help Liberia with some of its pressing issues through partnership and investment.
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Her Majesty Shanta Lana Hereford of The Ishola Empire and Founder of Center of Truth and Healing with a fellow community member.
Thursday Evening: A Reception and Fashion Show
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- Vanessa Henderson from Van Miller International: A celebrated fashion designer known for her innovative and culturally inspired styles.
- Sequoia: A rising star in the fashion world, celebrated for designs that honor African heritage and ethnic diversity.
- Emmy Wu: A talented young designer making a name for herself in the fashion industry.
The evening was further electrified by performances from celebrated artists, including:
- Sara LeRose: A gifted singer and songwriter known for her powerful voice and uplifting lyrics.
- Desmond Champion: A renowned musician and composer celebrated for his contributions to the music industry.
- Hustle Jamez: A dynamic performer and entertainer who brought energy and excitement to the stage.
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