“Lawmakers express outrage over surprise Fitch decision”
Outrage??? Surprise???
Don’t those stupid* Sons of Jill know that for every action there is an opposite & equal reaction? Well this is simply one reaction to 110 years of mismanagement of the American dollar. One 1913 dollar is worth $30.82 in 2023. Mismanagement that has grown worse since the year 2020.
*Yeah, Stupid as in Terminally Stupid.
Oh yeah, I have a question. Does anyone know what an 1803 dollar was worth in 1903? I do notknow, but I betcha it was a lot less than $30.00. Maybe $1.10 or even less.
Reference $100 in 1803 and 1903 to today and divide:
$100 in 1803 is worth $2,700 today
$100 in 1903 is worth $3,467 today
3,467 / 2,700 = 1.28. So $1.00 in 1803 would have been worth $1.28 in 1903.
You were close. Money in that era was tied to the value of precious metals, unlike today’s fiat currency. So the value stayed nearly constant. Without any intrinsic underlying value, our government can inflate away to run these outrageous debts.
I just turned 72. My first political memories from my teens (besides the Viet Name war) were always of spiraling federal debt and runaway spending. People in that had no clue what was coming after Nixon finally destroyed the gold standard once and for all.