Nothing lasts forever. And that old adage apparently applies to the once untouchable US credit rating. The US has lost its last triple-A credit rating, thanks to Moody’s. Moody’s downgraded the US credit rating, blaming large fiscal deficits and rising interest costs. To longtime watchers of the country’s fiscal position, the move by Moody’s comes as no surprise. Deficits have ballooned amid decades of government overspending. The issue stands to worsen in coming years as baby boomers retire and put pressure on entitlement programs such as Social Security and Medicare. While somewhat symbolic at this point, the action of Moody’s could have negative consequences for the US Treasury market as it calls into question the ability of the country to repay its debts at some point in the future. Yahoo Finance Executive Editor Brian Sozzi welcomes to the Opening Bid mic Brookings Institute vice president and director of economic studies Ben Harris. Harris is one of those aforementioned longtime watchers of the US government debt position. He was also a central player in the presidency of Joe Biden in terms of crafting detailed economic plans for the country. What does Harris think about the Trump administration’s handling of the economy? Sozzi and Harris discuss!
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