US Economy Added $10 Trillion in Debt in the Last 3 Years
The US economy has added $10 trillion in debt since 2020, nearly after Joe Biden took over the Presidency, according to data from the Federal Reserve Bank of St. Louis. The US national debt reached an all-time high of $33 trillion in 2023, experiencing an increase of $2 trillion in a year. The debt limit in January this year stood at $31.41 trillion and steadily rose for nine consecutive months. The debt crisis reflected a looming danger to the US economy as it gave rise to inflation and affected the consumer price index (CPI). Also Read: BRICS Influence in Oil Sector Grows, Puts US Dollar in Danger Source: fred.stlouisfed.org Inflation is up 3.7% this month and needs to fall below 2% for the US economy to cool down. The debt crisis comes at a time when BRICS is looking to dethrone the US dollar from the global reserve. An uncontrolled debt could lead to turmoil in the US economy giving undue advantage for BRICS to move ahead. Moreover, BRICS is ending reliance on the US dollar ...