As a seasoned researcher with a keen eye for economic trends and a deep-rooted concern for the future of our nation, I find myself alarmed by these staggering figures. The rapid escalation of U.S. Federal debt to a record $35.8 trillion in just three weeks is a cause for grave concern. To put it into perspective, the debt per American has reached an all-time high of $103,700 – a figure that makes me wonder if we’re borrowing from Peter to pay Paul and his children, grandchildren, and great-grandchildren!
Over just the last three weeks, the U.S. Federal debt surged by an astonishing $473 billion, pushing it to an unprecedented level of $35.8 trillion. This means that each citizen of the country has accumulated approximately $1,450 in debt during that time frame.
As per the economic analysis by Kobeissi Letter on social media platform X (previously known as Twitter), the current situation indicates that each American has accumulated approximately $103,700 in U.S. national debt.
As a crypto investor, I find it staggering to observe that this year has seen interest payments climb to an unprecedented $1.16 trillion mark, making it the first time we’ve exceeded the $1 trillion threshold. This means that every American will collectively bear the cost of approximately $3,360 during the 2024 fiscal year due to these payments.
Here’s one way to rephrase the given text:
— The Kobeissi Letter (@KobeissiLetter) October 21, 2024
In a subsequent message on the social media site for brief posts, Kobeissi Letter commented further that the United States’ deficit spending relative to its Gross Domestic Product (GDP) has reached levels comparable to those during World War II. Emphasizing the severity of this financial situation, they stated that ‘unsustainable’ is a mild description for it.
According to CryptoGlobe’s report, the U.S. Federal Reserve is venturing into uncharted territory with its current strategy, aiming for a “no landing scenario” where the economy avoids a recession. This move comes at a time when inflation has decreased significantly – over 5.8% in the last two years, marking the largest drop since the 1980s.
1) The current decline surpasses that of the Financial Crisis of 2008 and is typically observed only during economic downturns. The Federal Reserve’s actions are noteworthy, as they embarked on one of the most vigorous series of interest rate increases in history, lifting rates from virtually zero to 5.5% within a span of 16 months.
Despite these metrics, JPMorgan Chase CEO Jamie Dimon is instead worrying about the global economic situation ver ongoing geopolitical threats coming from an “evil axis” that shows “that conditions are treacherous and getting worse.”
He noted that inflation is moving down and the US economy seemingly avoided a recession, although “several critical issues remain,” including “large fiscal deficits, infrastructure needs, restructuring of trade and remilitarization of the world.”
For more than a year, Dimon has been vocal about geopolitical instability, consistently referring to it as the most significant danger to the worldwide economy. In a recent conference at the Financial Markets Quality Conference in Washington, he labeled Iran, North Korea, and Russia as a “formidable alliance” or a “powerful trio” that could be reasonably viewed as problematic or malicious actors.
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2024-10-23 01:25