A new economic analysis of the U.S. economy projects a recession around the corner.
An international nonprofit, The Conference Board, has released its Leading Economic Indicators report, which projects into the next year for the U.S. economy. That analysis, among other things, projects high inflation, high interest rates and declining consumer spending.
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One of the top international credit rating agencies has downgraded the United States government’s credit rating from the highest level of AAA down one tier to AA+, a serious economic signpost as U.S. debt continues to soar and deficits remain elevated.
Fitch Ratings made the decision, pointing to the U.S. government’s high national debt and deficits as well as an “erosion of governance.”
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Fitch Ratings said Friday that the outlook for state and local governments was “deteriorating” and an expected recession could put pressure on state and local governments to raise property taxes.
“Local governments may face slowed growth or possibly contraction in tax revenues associated with real property valuations, which may trigger expenditure controls or revenue-raising measures to preserve budgetary stability,” Fitch Ratings Senior Director Michael Rinaldi said.
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