Former S&P Ratings Chairman Says the U.S. Is Weaker Now Than When It Downgraded in 2011

S&P’s former chairman, John Chambers, suggests the U.S. is in a worse fiscal state than during its 2011 credit downgrade. With an imminent threat of a government shutdown due to deepening political divisions, the nation’s credit is at risk. Current data reveals a U.S. deficit of over 7% of GDP and soaring government debt at 120%. The unstable political climate, marked by past shutdowns, debt ceiling crises, and a recent failed coup, further darkens the outlook. Internal disputes within the Republican party may jeopardize House Speaker Kevin McCarthy’s position, adding to the instability.