- Fitch just reduced the outlook for US debt to Negative from Stable. This is the first step to a possible downgrade.
- The US dollar is weakening fast.
- The budget deficit widened to $865 billion for the month of June alone. For the 2020 fiscal year it is expected to reach $3.7 trillion or 20% of GDP.
- Mr. Trump just signed executive orders extending extra unemployment benefits AND suspended payroll tax collections which fund Social Security and Medicare.
Sound fiscal policy, a top credit rating and a strong currency are the hallmarks of Empire. Lose them and the Empire crumbles. Just ask the Romans or, more recently, the Brits.
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