Despite an adversarial Congress that suffers from a wasteful budgetary tendency, the US National Debt had been slowing down during the Republican Administration of President Trump during his first three years in power; not much, but better than the fast increasing rate under President Obama, who duplicated in only eight years the National Debt inherited from President Busch. However, the National Debt has been exploding again since the outburst of the Covid-19 pandemic.
It is evident that President Trump has been giving-in to the pressure of public opinion, notably orchestrated by the Democratic Party, complying with and promoting measures that contribute to an already unsustainable expansion of that debt, while a practically closed economy worsens every day the tragic economic situation that is developing and that will have inescapable serious consequences of unemployment, deterioration of purchasing power and acute general impoverishment of the population.
But what is the national debt? How is it accounted for in the United States? What we know about obligations and costs?
The US National Debt is counted as all of the debt owed by the national government, based in Washington D.C. But did you know that debts owed by state and municipal governments are not included in those figure? They are huge as well. But let us concentrate on the National Debt issue.
So far, in spite of the huge US National Debt, the ratio of national debt to Gross Domestic Product (GDP) is still smaller for the United States than for 15 other countries: Japan, Greece, Sudan, Venezuela, Lebanon, Italy, Eritrea, Barbados, Yemen, Cabo Verde, Portugal, Gambia, Republic of Congo, Singapore and Mozambique, in that order. Observe that with the exception of Japan, and somehow with the exception of Italy and Singapur as well, the other 12 countries are mostly underdeveloped and mismanaged.
In fact, all those countries either experience a real economic and financial crisis, or a recession, or generalized poverty. Therefore, the US National Debt is in fact a very serious problem.Add a comment Leer más...