alt Hacker NewsWhat should happen, and nobody is talking about this, is the USA is severely downgraded in its overall credit rating due to an unhinged and ongoing "fire, aim, ready" self-audit.
https://en.wikipedia.org/wiki/United_States_federal_governme...
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The deficit hawks don't understand how money works. Everything about DOGE and their mission has a fundamental deep misunderstanding of why governments with their own currency must have deficits. Literal accounting 101. Unfortunately Elon has an economics degree, which means he is completely uneducated in accounting.
I was thinking the same thing. If this even slightly jeopardizes America's ability to pay off its debt, the entire world will suffer. Something that occurred to me from talking to Americans online is that most of them don't realize just how much soft power they have across the world. I really feel that China becoming the global superpower might end up becoming the least bad option if America keeps destabilizing.
Nice username. I thought HN was broken for a second.
The last credit downgrade of the US by a major ratings agency was by Fitch in 2023. They cited projections for the US deficit to continue to rise, due to projected weaker revenues and increased spending.
https://www.fitchratings.com/research/sovereigns/united-stat...