Posted 4/16/2024, 4:26:00 PM
IMF: Ballooning US Debt to $34 Trillion Risks Global Economy, Despite Strong Growth
- IMF warns US debt ballooning to $34 trillion+ is fiscally unsustainable and risks global economy
- Federal budget deficit grew from $1.4T in 2022 to $1.7T in 2023; debt projected to exceed $45.7T in a decade
- IMF praises strong US economic growth but says Biden administration spending is "out of line"
- IMF blames Trump tax cuts for adding $2T to debt; Biden working to cut deficit by taxing rich & corporations
- US outlier among major economies with 2.5% growth in 2023 versus 0.5% in Eurozone and 5.3% in China
