The US economy is undoubtedly not going through the best of times on a macro-economic as well as a micro-economic level. The skyrocketing public debt and the deadlock in Congress to approve the budget add to the worries and the negative climate. The latest “blow”, albeit in the form of a warning, came from Moody’s, which changed the US credit outlook from “stable” to “negative”. The rating agency for its decision cited both the rapidly expanding public debt in a period of high interest rates, and the inability of politicians in the US to deal with this evolving situation. It is recalled that the American debt has soared to 31.4 trillion dollars, i.e. approximately 120% of the country’s GDP. This is a historic level, which a few months ago brought the US to the brink of even default. Moody’s decision is certainly less serious than an actual credit downgrade, as it is a rating […]
Source: News Beast
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