{"id":1989125,"date":"2023-08-02T19:23:02","date_gmt":"2023-08-02T23:23:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/yellen-fitch-downgrade-entirely-unwarranted-amid-us-economys-strength\/"},"modified":"2023-08-02T19:27:01","modified_gmt":"2023-08-02T23:27:01","slug":"yellen-fitch-downgrade-entirely-unwarranted-amid-us-economys-strength","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/yellen-fitch-downgrade-entirely-unwarranted-amid-us-economys-strength\/","title":{"rendered":"Yellen dismisses Fitch downgrade as unjustified despite strong US economy."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fyellen-fitch-downgrade-entirely-unwarranted-amid-us-economys-strength%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1989125&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"entry-content\">\n<p><strong>By David Lawder<\/strong><\/p>\n<p><strong>MCLEAN, Virginia \u200c(Reuters) &#8211;<\/strong> \u200bU.S. Treasury \u2064Secretary Janet Yellen on Wednesday voiced more complaints about Fitch Ratings\u2019\u2063 downgrade of the main U.S. credit rating, calling it \u201centirely unwarranted\u201d because it ignored improvements\u2063 in governance metrics during the Biden administration and the country\u2019s economic strength.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\" style=\"min-width: 320px; min-height: 50px;  text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-1'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<p>Speaking at an Internal Revenue Service contractor office near Washington, Yellen said the rating agency\u2019s announcement on Tuesday failed\u200b to\u200b take into account a resilient \u2064U.S. economy, with low unemployment, falling inflation, continued growth and strong innovation.   <\/p>\n<p>\u201cFitch\u2019s decision is puzzling in light of\u200b the economic strength we see in the United States,\u201d Yellen said.\u200c \u201cI strongly disagree with Fitch\u2019s decision, and I believe it is entirely unwarranted.\u201d<\/p>\n<p>She\u2063 said Fitch\u2019s \u2063\u201cflawed assessment\u201d was based on outdated data and failed to reflect improvements in U.S. governance indicators over the past two and a half years\u200c of President Joe Biden\u2019s administration.<\/p>\n<p>\u201cAt the end \u2062of the day, Fitch\u2019s decision does not change what all of us already know: that Treasury securities remain the world\u2019s \u200dpre-eminent safe and liquid asset, \u2064and that the American economy is <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/definition-of-insanity-why-bidens-hail-mary-union-station-speech-failed-to-move-the-needle\/\" title=\"Definition Of Insanity: Why Biden\u2019s \u2018Hail Mary\u2019 Union Station Speech Failed To Move The Needle\">fundamentally strong<\/a>,\u201d Yellen added.<\/p>\n<p>Fitch had cited a deterioration in U.S. governance that started during the prior Trump administration in making its\u200d decision, according to Biden\u200d administration officials.<\/p>\n<p>A July 2022 Fitch report revising the U.S. credit outlook to \u201cstable\u201d from \u201cnegative\u201d said former President Donald Trump\u2019s failure to\u200b concede the 2020 \u200belection had \u201cno recent parallel in other very <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/pointing-to-national-debt-ratings-agency-issues-negative-outlook-for-us-aaa-creditworthiness\/\" title=\"Pointing To National Debt, Ratings Agency Issues \u2018Negative Outlook\u2019 For US \u2018AAA\u2019 Creditworthiness\">highly rated sovereigns<\/a>,\u201d while <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/yellen-fitch-downgrade-entirely-unwarranted-amid-us-economys-strength\/\" title=\"Yellen dismisses Fitch downgrade as unjustified despite strong US economy.\">noting improved debt expectations<\/a>. It showed \u2064a\u2064 slight improvement in the ratings model score in 2022 during \u2062Biden\u2019s term.<\/p>\n<p>White House Council\u2063 of Economic Advisers Chair Jared Bernstein joined the chorus of irate Biden administration officials, calling the\u200c move \u201cbizarre\u201d and \u201carbitrary.\u201d<\/p>\n<p>\u201cI do think the timing \u2064is just very strange \u2026 Fitch seems to be punishing the cleanup crew when the guy who wrecked the room is\u200b long gone,\u201d Bernstein told CNBC,\u2063 referring to Trump.<\/p>\n<p>He added that\u200d the\u200d Biden administration\u2019s \u200bjob was \u201cto make sure that we have a sound, growing macro economy that\u2019s reaching American\u2062 households that\u2019s at the core of Bidenomics.\u201d<\/p>\n<p>Richard Francis,\u200c a senior director at Fitch, told Reuters on Wednesday that \u200dthe U.S. governance deterioration\u200c was partly reflected in the Jan.\u2064 6, 2021, insurrection at the U.S. Capitol  as Trump \u2062sought to overturn the 2020 election results.<\/p>\n<p>But Francis said the deterioration also was reflected in this year\u2019s debt ceiling \u2064fight, and the increasing polarization of both <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/canadian-parliament-votes-unanimously-to-recognize-chinas-genocide\/\" title=\"Canadian Parliament Votes Unanimously To Recognize China\u2019s Genocide\">major political parties<\/a>, making compromise harder to \u200bachieve.<\/p>\n<p>FISCAL RESPONSIBILITY <\/p>\n<p>In its decision\u2064 to cut the U.S. rating by one notch to AA+ from AAA, Fitch also cited a\u200b fiscal \u2064deterioration over the next three years that will increase deficits and repeated down-to-the wire debt ceiling negotiations that threaten the U.S. government\u2019s ability to pay its bills.   <\/p>\n<p>Yellen said that fiscal responsibility was a priority \u200cfor her and Biden, and the June debt limit\u200d deal he\u2064 reached \u2063with Republicans included more than $1 trillion in deficit reduction over 10\u200c years.<\/p>\n<p>Biden\u2019s proposed 2024 budget, which \u200dincludes substantial tax hikes on wealthy individuals and corporations, \u200dwould also\u2063 reduce deficits by $2.6 trillion over the next 10 years.<\/p>\n<p>Yellen said investments to modernize the IRS and improve tax \u200cenforcement, funded by $60 billion in new resources provided by last year\u2019s\u200c Inflation \u200dReduction Act, would cut deficits by \u201chundreds of billions of dollars\u201d over a decade.<\/p>\n<p>She visited the office\u200d of 22nd Century Technologies in McLean, \u200bVirginia, to highlight a pledge to allow taxpayers to submit all documents and correspondence digitally during the 2024 \u2062tax season, which would eliminate the manual processing of up to 125 million documents annually.<\/p>\n<p>The company has a \u200bcontract to\u200d develop scanning technology to\u200d convert paper \u2062documents so that they can be digitally processed.<\/p>\n<p>  (Reporting by David Lawder \u200cin \u2063McLean, VirginiaEditing by\u200d Heather Timmons, Paul Simao and Matthew Lewis)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/yellen-fitch-downgrade-entirely\/attachment\/u-s-treasury-secretary-janet-yellen-visits-china-2\/\"><\/a><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h2>A Longtime\u200b Democrat Lawmaker Switches to \u200bthe Republican Party<\/h2>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h2>Oversight Committee Member Believes Joe Biden Profited from Hunter&#8217;s Business Deals<\/h2>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h2>Utah City Councilor \u200cCriticizes\u200c Florida Governor&#8217;s African American History Curriculum<\/h2>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h2>Independent Journalist Discusses\u200b Top Headlines: Trump Indictment,\u2062 Devon Archer Testimony, and Death \u2064of Lily Ledbetter<\/h2>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h2>Apple&#8217;s High-Yield Savings Account Surpasses $10 Billion in\u2063 Customer Deposits<\/h2>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h2>Cognizant Technology Solutions Forecasts Strong\u200c Third-Quarter Revenue<\/h2>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h2>Cognizant Technology \u200dSolutions Forecasts Strong Third-Quarter\u200c Revenue<\/h2>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>In MCLEAN, Virginia, U.S. Treasury Secretary Janet Yellen criticized Fitch Ratings&#8217; downgrade of the U.S. credit rating, deeming it unjustified. Yellen highlighted the Biden administration&#8217;s governance enhancements and the nation&#8217;s economic resilience as factors disregarded by the rating agency. She expressed her concerns during a speech at an IRS contractor office.<\/p>\n","protected":false},"author":66,"featured_media":1989126,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[],"class_list":["post-1989125","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1989125","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1989125"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1989125\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1989126"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1989125"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1989125"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1989125"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}