When an individual citizen takes out credit card after credit card after mortgage after whatever other kind of debt they can think of, their credit rating tends to drop. That, in turn, causes their lender to raise the interest rates, raising their payments on said debt.
Somehow, our current administration's secretary of finance doesn't seem to think that Moody's actually will reduce our national credit rating, regardless of how much we owe. The man who couldn't figure out TurboTax obviously doesn't understand how the credit/debt system works, any more than he does the tax system.
33 minutes ago