Alternative Visions- Fitch Downgrades the US Government-Causes&Consequences? - a podcast by Progressive Radio Network

Dr. Rasmus discusses in depth the causes and consequences the Fitch Credit Rating Company’s decision this past week to downgrade the US government’s credit worthiness. What’s behind the decision? What are some of the consequences? Rasmus reviews the past 22 yrs of rising US deficits and debt and why deficits continue to rise more than $1 trillion a year, the national debt surpasses $34T now (going to $43T) and the economic implications of annual interest payments on the debt now exceeding $600B/yr (going to $900B). The contradictions are intensifying for US Neoliberal Fiscal Policy as well as Neoliberal Monetary Policy. What Fed rate hikes have had minimal effect on services inflation and now threaten to exacerbate US regional banking and commercial real estate sectors of the economy. How the imminent shift by the BRICS economies toward trading in their own currencies (instead of $) will exacerbate monetary policy contradictions, US inflation and GDP. Dr. Rasmus reviews today’s Jobs Numbers, which show little change in services jobs (and inflation) over the past year. (Next Week: What Is Labor Exploitation and How Has It Intensified Since 1980)

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