- Recent estimates put daily debt growth in 2022 at $5.6 billion.
- US inflation reached a 40-year high, another factor in the hike in interest rates.
The global spread of the epidemic only caused misery for people everywhere. The fight against the deadly coronavirus brought home to millions of people the value of life and good health. More than that, however, individuals everywhere felt the effects of the global financial crisis, as seen by the rise in bankruptcy filings. The US National Debt is now reflecting the increased expenditure during the epidemic, which has affected several economies.
The national debt of the United States of America surpassed $31.4 trillion for the first time in its history, marking a watershed moment in American economics. The already skyrocketing prices and interest rates were exacerbated by this.
Early Signs of Global Recession
Recent estimates put daily debt growth in 2022 at $5.6 billion. Many people find this to be a frighteningly high number when considering the long run.
On January 1, 2022, the total owed by the United States was $29.48 trillion. Joe Biden, who has hailed his administration’s efforts to decrease the deficit this year, recently signed the so-called Inflation Reduction Act, which tries to restrain price hikes that have been the highest in 40 years due to a range of economic causes. The latest debt data, though, have experts worried.
This year saw a number of important junctures in the development of the American economy. No, not in a positive manner at all. Recently, US inflation reached a 40-year high, another factor in the hike in interest rates. Even the crypto sector is facing a prolonged crypto winter with major currencies trading at yearly lows.
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