'Maybe we should encourage younger people to join the fray. They may have to live with what they add to the nation’s large stack of IOUs. Who knows? They may recover our AAA rating.' -Bruce Yandle
: “It defies reality to downgrade the United States at a moment when President Biden has delivered the strongest recovery of any country in the world.”Shakespeare, “methinks the lady doth protest too much.” Fitch did not focus on this year’s gross domestic product growth. The decision was not about the recovery from the pandemic or lack thereof. Indeed, the action wasn’t just about the Biden administration, but rather the last four administrations.
As Fitch put it: “The rating downgrade … reflects the expected fiscal deterioration over the next three years, a high and growing general government debt burden [including state and municipal debt] and the erosion of governance … over the last two decades that has manifested in repeated debt limit standoffs and last-minute resolutions.”stood
at around $10 trillion in 2000, $26 trillion in 2019, and $30.9 trillion in 2022. Instead, undue attention went to shorter-term economic data. As for that other factor, one that may cause politicians and other people to be unconsciously and unduly concerned about the near term, it’s called the “.” Decision-makers tend to be interested in outcomes that will occur in their lifetimes. It’s less about selfish intentions than natural human thinking.
As we age, the horizon gets shorter. This suggests that debt to be paid 20 years from now doesn’t matter as much for a 75-year-old politician as do new subsidies for electric cars to increase U.S. manufacturing and employment next year.
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