The US national debt continues to get worse and neither political party nor many economists seem to treat it as the crisis it is. Traditionally, the Republican Party says that they are the fiscally responsible party but the image below belies that claim. With two wars going on and the US Congress (that controls the purse) deadlocked, it's more than time to shape up and get things in order financially. I have posted on this issue before but I thought that the article below presents data that emphasizes the crisis:
"According to the International Monetary Fund’s (IMF) measure of central government debt, the U.S. federal government is among the most indebted governments in the world. As of 2021 (the latest available data), federal debt reached 115 percent of gross domestic product (GDP), ranking 16th highest out of 164 countries for which the IMF has data. Japan tops the ranking with central government debt of 221 percent of GDP, followed by Greece, Sudan, Eritrea, and Singapore. Not long ago, the U.S. was among the least indebted countries. In 2001, U.S. federal debt was 42 percent of GDP, lower than debt levels found in 100 other countries."
No comments:
Post a Comment