U.S. Economic Advisor Emphasizes American Debt as the Most Secure Investment Option, Lambasts Moody's Rating Lowering as Focused on Past Events
The United States National Economic Council Director, Kevin Hassett, expresses disagreement with Moody's recent downgrade of the U.S. credit rating. In an interview with Fox Business, Hassett deemed U.S. debt as "the safest bet on Earth." He further explained, "There's no country's debt I'd rather have than the United States', and so Moody's can do what it wants to. We're cutting spending, we're deregulating, we've got supply-side growth, and so we've got every reason in the world to believe that we're going to have the best economy on Earth. And if you have the best economy on Earth, you're going to have the best debt on Earth too."
Moody's downgraded America's credit rating from AAA to AA1, while also changing the country's outlook from negative to stable. The credit rating agency highlighted the increasing national debt and interest payment ratios that surpass those of countries with the same credit rating as the cause for the downgrade. The United States lost its final Triple-A credit rating in 2011 when Standard & Poor's (S&P) downgraded it from AAA to AA+ due to concerns over rising debt levels. Fitch Ratings followed suit in 2023, citing persistent budget deficits and political infighting as primary drivers of the downgrade.
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- In light of the downgrade of America's credit rating by Moody's, Kevin Hassett, the National Economic Council Director, expressed confidence in the safety of U.S. debt, stating it as "the safest bet on Earth."
- The discourse on cryptocurrency, bitcoin, ethereum, and altcoins continues in the realm of personal-finance and investing, with the latest market news, trading updates, and industry announcements available at The Daily Hodl.
- Policy-and-legislation discussions regarding the future of blockchain technology and digital currencies are ongoing, as regulators monitor trends and potential scams in this ever-evolving field.
- As political debates about deficits, spending, and the overall economy unfold, it's essential to stay informed about the general-news landscape, including changes in finance, credit ratings, and the global economy, as these factors can impact personal finances and investment decisions.
