Partha Chakraborty writes: The Fitch ratings? We did see this coming, I will argue. In these pages we lampooned supply chain debacles that started inflationary pressures, railed against rising deficit and government profligacy predicting they could force a fall from grace for the US dollar, advocated in favor of using debt-ceiling drama as a lever to bring wayward spending down; last week we discussed how the high-minded — and well intentioned — efforts at crafting a US “industrial policy” might not mean that much. Every single driver Fitch mentioned was flagged as a concern, if not a three-alarm-bell issue.
