STATEMENT: Mike Faulkender on Fitch’s Downgrade of U.S. Long-Term Credit Rating

August 02, 2023

WASHINGTON, D.C. – Today, the America First Policy Institute (AFPI) released the following statement from Mike Faulkender, Chief Economist at AFPI, on Fitch Ratings’ decision yesterday to downgrade the U.S.’s long-term credit rating from AAA to AA+:

“Yesterday's downgrade by Fitch Ratings reminds the American people of the horrendous consequences of Bidenomics. With the addition of $5 trillion in federal spending since he took office, the resulting 40-year high inflation, and now the highest interest rates in 22 years, the Biden Administration’s failed policies have weakened our Nation's economy. 

We must return to the America First policies of restrained federal spending, low taxes, energy dominance, and defense of the American worker so that families will again see bigger paychecks, greater financial security, and an end to runaway price increases.”