Crummy Credit

Today, Fitch Ratings downgraded the U.S.’s credit rating by one notch from a pristine AAA to AA+. In 2011, S&P was the first to downgrade the country’s rating from AAA to AA+, and that downgrade caused substantial market ructions. This downgrade will have, at most, minimal negative impact but is indicative of increasing political brinksmanship and eroding fiscal competency. Moody’s continues to rate U.S. government debt as AAA.