Money ‘Bidenomics’ in action: Democrats’ excessive spending, mounting debt earn US credit downgrade August 7, 2023August 7, 2023 Ingrid Jacques, USA TODAY Comments Off on ‘Bidenomics’ in action: Democrats’ excessive spending, mounting debt earn US credit downgrade Confidence in the federal government's ability to manage rising national debt has been officially reduced for only the second time in U.S. history.