If current trends in income and spending continue, the US national debt will grow faster than the country’s economy, leading to an indicator exceeding the country’s GDP by 200% by 2050. This is stated in the estimate of the US Accounting Chamber. RIA News.
“The Federal Government faces an unsustainable long-term fiscal trajectory that will lead to significant economic, security and social challenges if this issue is not resolved. “Our review of the country’s fiscal situation has shown that if revenue and spending policies remain unchanged, the debt will grow faster than the economy, reaching 200% of GDP by 2050,” the document continues.
Before that, Antonio Spilimbergo, Deputy Director of the IMF Research Department, was at a World Bank conference. statedIt is seen that public debt in many countries of the world has reached its highest level in the last 50 years. According to him, social spending should be the key to solving the debt crisis. Spilimbergo noted that populations vulnerable to poverty face additional challenges, including demographic, technological, climate and financial.
Additionally, Russian Finance Minister Anton Siluanov warned at the meeting of the International Monetary and Financial Committee (IMFC) that the debt crisis is a significant risk for the global economy. The head of the Ministry of Finance called on the IMF not to cover up this problem, as the situation is getting worse.
Earlier economists explained Unexpected growth in the US economy.