{"id":1989280,"date":"2023-08-02T22:08:08","date_gmt":"2023-08-03T02:08:08","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/shark-tank-star-refuses-to-sugarcoat-downgrading-of-us-credit-rating-its-bad\/"},"modified":"2023-08-02T22:11:36","modified_gmt":"2023-08-03T02:11:36","slug":"shark-tank-star-refuses-to-sugarcoat-downgrading-of-us-credit-rating-its-bad","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/shark-tank-star-refuses-to-sugarcoat-downgrading-of-us-credit-rating-its-bad\/","title":{"rendered":"&#8216;Shark Tank&#8217; star bluntly rejects sugarcoating US credit rating downgrade: &#8216;It&#8217;s simply bad.&#8217;"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/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%2Fshark-tank-star-refuses-to-sugarcoat-downgrading-of-us-credit-rating-its-bad%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=1989280&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--><h2>Too much spending and too \u200dlittle leadership led Fitch Ratings on Tuesday to downgrade the federal government\u2019s credit rating, leading\u200b \u201cShark Tank\u201d star Kevin O\u2019Leary to comment, \u201cIt\u2019s \u200cbad.\u201d<\/h2>\n<p>Fitch \u2063Ratings set the \u2062<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/shark-tank-star-refuses-to-sugarcoat-downgrading-of-us-credit-rating-its-bad\/\" title=\"'Shark Tank' star bluntly rejects sugarcoating US credit rating downgrade: 'It's simply bad.'\">long-term foreign currency issuer default\u2064 rating<\/a> to AA+, down from AAA, according to <a href=\"https:\/\/www.cnbc.com\/2023\/08\/01\/fitch-downgrades-us-long-term-ratings-to-aa-from-aaa.html\" target=\"_blank\" rel=\"noopener\">CNBC<\/a>.<\/p>\n<p>\u201cThe repeated debt-limit, political standoffs and \u200blast-minute resolutions have \u200ceroded confidence\u200b in fiscal management,\u201d Fitch said.<\/p>\n<p>\u201cIn \u2062Fitch\u2019s view, there has been a steady deterioration \u2063in standards of \u2062governance over the last 20 years, including on fiscal \u200band debt matters, notwithstanding the June bipartisan \u2062agreement to suspend the debt\u200b limit until January 2025.\u201d<\/p>\n<p>Fitch said the <a href=\"https:\/\/www.westernjournal.com\/us-trade-deficit-skyrockets-causing-expert-warn-economy-going-cliff\/\" target=\"_blank\" rel=\"noopener\">federal deficit<\/a> will hit 6.3 percent of \u2064<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/chinas-q2-gdp-growth-slows-to-0-8-q-q-raises-stimulus-expectations\/\" title=\"China's Q2 GDP growth decelerates to 0.8% q\/q, heightening stimulus hopes.\">gross\u2063 domestic product<\/a> this year, up from 3.7 percent last \u2062year.<\/p>\n<p>\u201cCuts to non-defense discretionary \u2064spending (15 percent of \u200ctotal federal spending) as agreed in the Fiscal\u2063 Responsibility Act offer \u2064only a modest \u200cimprovement to the medium-term fiscal outlook,\u201d the agency said.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Bidenomics is working so well the US just lost our AAA credit rating <\/p>\n<p>\u2014 Ty\u2019s Tough Talk (@toughtalkty) <a href=\"https:\/\/twitter.com\/toughtalkty\/status\/1686732191064080384?\">August\u200b 2, 2023<\/a><\/p>\n<\/blockquote>\n<p>O\u2019Leary, the chairman of O\u2019Leary Ventures, said the move is trouble for <a href=\"https:\/\/www.westernjournal.com\/dick-morris-biden-likes-open-borders-high-gas-prices-inflation-unemployment\/\" target=\"_blank\" rel=\"noopener\">all Americans<\/a>, according to <a href=\"https:\/\/www.foxnews.com\/media\/kevin-oleary-sounds-alarm-downgraded-us-credit-rating-no-way-sugarcoat-bad\" target=\"_blank\" rel=\"noopener\">Fox News<\/a>.<\/p>\n<p>\u201cThere is \u200bno way to sugarcoat this\u200c at all. It\u2019s bad. And \u200dI\u2019ll tell you how you measure it\u2019s bad. Basically, when you downgrade the U.S. economy, which is what this downgrading is, you are losing\u200d a little faith in the U.S. dollar and the U.S. \u2064Treasury bill,\u201d \u2062he said.<\/p>\n<p>\u201cMost sovereign\u2064 funds keep the majority of \u200ctheir liquidity in U.S. dollars. That got hurt 24 hours ago because now you\u2062 start to ask yourself, \u2018Well, where is this going? A downgrade from AAA to AA, does it go to single?\u2019 Now, if you\u2019re a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/buy-ban-or-copy-how-governments-are-responding-to-the-cryptocurrency-revolution\/\" title=\"Buy, Ban, Or Copy? How Governments Are Responding To The Cryptocurrency Revolution\">sovereign wealth fund<\/a>, you start to put that in your mind.\u201d<\/p>\n<p>O\u2019Leary said <a href=\"https:\/\/www.westernjournal.com\/jpmorgan-ceo-dem-donor-jamie-dimon-slams-biden-now-bidenomics\/\" target=\"_blank\" rel=\"noopener\">there is a price<\/a> \u2063 Americans will pay.<\/p>\n<p>\u201cAnd the bottom line for you and me is the cost of capital goes up. In other words, what it costs\u200d for us to borrow money to fund the government and deficit goes up. No sugarcoating that,\u201d he said.<\/p>\n<p>\u201cThe kitchen table in America, your car \u2062loan just went up from five to somewhere between seven and\u2062 nine percent. That\u2019s not going to help. So the cost of your loan and your\u200b borrowing and your mortgage going up,\u200b period,\u201d he continued.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">The downgrade of our \u200ccredit \u200drating is proof positive that the negative economic \u2064trajectory caused by spend-thirsty legislators is leading\u200b our Nation and the American People to ruin. We MUST change the spending addiction in DC &#038; plot a new course toward\u2064 fiscal literacy and sanity.<\/p>\n<p>\u2014 RepScottPerry (@RepScottPerry) <a href=\"https:\/\/twitter.com\/RepScottPerry\/status\/1686741446290788352?\">August 2, 2023<\/a><\/p>\n<\/blockquote>\n<p>O\u2019Leary cited the CHIPS Act and the <a href=\"https:\/\/www.westernjournal.com\/biden-econ-advisor-looks-like-deer-headlights-pressed-inflation-reduction-act\/\" target=\"_blank\" rel=\"noopener\">Inflation Reduction \u2064Act<\/a> as a one-two that helped knock down America\u2019s credit rating.<\/p>\n<p>\u201cWe\u2019re printing billions of dollars.\u2063 Government\u2063 claims it has merit. It\u2019s important to \u200bdo this. But at the same time, \u200dthat\u2019s just a lot of spending<a href=\"https:\/\/www.foxnews.com\/shows\/americas-newsroom\">,<\/a> and that\u2063 increases the deficit. And \u200cthat\u2019s why Finch did this. They downgraded it,\u201d he explained.<\/p>\n<p>\u201cAnd I wouldn\u2019t\u2062 say it was the two bills that caused the camel\u2019s \u2062back to be broken, but\u200d it was enough for them to say, \u2018OK, I\u2019ve seen enough now for me and you or anybody.&#8217;\u201d<\/p>\n<p>The downgrade sent ripples \u200cthrough <a href=\"https:\/\/www.westernjournal.com\/much-worse-expected-even-cnbc-anchor-forced-admit-possible-recession\/\" target=\"_blank\" rel=\"noopener\">Wall Street<\/a> on Wednesday. The Dow Jones\u2062 Industrial Average \u200bclosed down\u2063 348 points, according to <a href=\"https:\/\/www.cnn.com\/business\/live-news\/stock-market-news-today-credit-downgrade\/index.html\" target=\"_blank\" rel=\"noopener\">CNN<\/a>.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">The \u2063U.S. Credit Rating Has Been\u200c Downgraded from AAA to AA+ \u2014 \u2063Fitch Cites an \u2018Erosion of Governance\u2019<\/p>\n<p>\u201cThis is not going to be a good look for Biden and\u2062 his team. This really has the potential\u2062 to put a really strong dent in their message that the economy is doing much better now\u2026 <a href=\"https:\/\/t.co\/Wtv1VJpcUq\">pic.twitter.com\/Wtv1VJpcUq<\/a><\/p>\n<p>\u2014 Chief Nerd (@TheChiefNerd) <a href=\"https:\/\/twitter.com\/TheChiefNerd\/status\/1686701034935099393?\">August 2, 2023<\/a><\/p>\n<\/blockquote>\n<p><\/p>\n<p>Despite that, one commentator said Washinton\u2019s course will remain set on full spending ahead.<\/p>\n<p>\u201cInstead\u200b of effectuating change, or fiscal discipline,\u200c our \u200bbase case expectation \u2063is\u2063 that Fitch will be pilloried by most members of Congress,\u201d said Henrietta Treyz,\u200b director of macroeconomic policy research\u200d at Veda Partners, according to <a href=\"https:\/\/www.nytimes.com\/2023\/08\/01\/business\/fitch-downgrade-us-credit-rating.html\" target=\"_blank\" rel=\"noopener\">The New York Times<\/a>.<\/p>\n<p>\u201cIt will not yield either deficit reduction, tax increases, reductions in military spending, entitlement reform or a change to the 12 appropriations bills that have already moved with <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/ethics-watchdog-calls-for-probe-into-house-democrat-kim-schriers-stock-transactions\/\" title=\"Ethics Watchdog Calls for Probe into House Democrat Kim Schrier's Stock Transactions\">substantial bipartisan support<\/a> in the U.S. Senate.\u201d<\/p>\n<p>The post <a rel=\"nofollow\" href=\"https:\/\/www.westernjournal.com\/shark-tank-star-refuses-sugarcoat-downgrading-us-credit-rating-bad\/\">&#8216;Shark Tank&#8217; Star Refuses to Sugarcoat Downgrading of US Credit Rating: &#8216;It&#8217;s\u200b Bad&#8217;<\/a> appeared first on <a rel=\"nofollow\" href=\"https:\/\/www.westernjournal.com\">The Western Journal<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Fitch Ratings downgraded the federal government&#8217;s credit rating due to excessive spending and inadequate leadership. Kevin O&#8217;Leary from &#8220;Shark Tank&#8221; expressed his concern, stating, &#8220;It&#8217;s bad.&#8221; Fitch Ratings lowered the long-term foreign currency issuer default rating to AA+ from AAA. This decision was influenced by the recurring debt-limit issues, political conflicts, and last-minute solutions.<\/p>\n","protected":false},"author":661,"featured_media":1989281,"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":[548],"tags":[],"class_list":["post-1989280","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-conservative-news-daily"],"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\/1989280","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\/661"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1989280"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1989280\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1989281"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1989280"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1989280"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1989280"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}