America’s massive $28 trillion debt threatens its global power, echoing past empires like Rome, Spain, France, and Britain, which crumbled under similar financial strains. America is sailing into dangerous waters of debt, with the government racking up trillions in borrowed money while the public and politicians seem strangely unfazed. Both
According to an Associated Press investigation, the number of the world’s debt-laden ‘zombie’ companies has risen, and they will have to pay off $1.1 trillion in loans by year-end. The number of publicly traded “zombie” companies—those with debt so high they can’t even afford the interest on their loans—has increased
Using data from the International Monetary Fund on Total IMF Credit Outstanding, the 10 countries most in debt to the IMF are listed here, with Argentina and Egypt topping the list. The International Monetary Fund (IMF), which was founded in 1944, offers financial assistance and policy recommendations to nations to
Argentina has fallen into the IMF’s debt trap, rejecting sovereignty. At the moment, Argentina uses nearly all of its foreign exchange profits to settle its external debt. Argentina gets into IMF’s debt pit In Argentina, ultra-liberal economist Javier Milei became victorious in the run-off for president. With 55.8% of the
Mark Zandi, chief economist at Moody’s Analytics, said that if the US defaults on its debt, no corner of the global economy will be spared. If the debt crisis roiling Washington were eventually to send the United States crashing into recession, America’s economy would hardly sink alone. The repercussions of
The Rise of America’s Debt Ceiling has been visualized below using data from various sources, including the World Bank, U.S. Department of the Treasury, and Congressional Research Service. Every few years the debt ceiling standoff puts the credit of the U.S. at risk. In January, the $31.4 trillion debt limit – the
Chris Edwards, an economic analyst at the Cato Institute, said that as the U.S. owes a whopping $7 trillion to foreigners, the federal government would be forced to either hike taxes or cut spending immediately to be able to pay the increased interest. The good news during the latest government
According to data from the US Treasury, California owes the most debt at $18.6 billion and has defaulted on it. California’s recent decision not to pay back some $20 billion borrowed from the federal government to cover unemployment benefits during the pandemic will fall on the shoulders of employers, according to
According to the Department of the Treasury, the current US national debt is $31.4 trillion, which is visualized below.