IMF says US debt creating “significant risks” for the global economy

[Valletta]

The report said it expected the US to record a fiscal deficit of 7.1 percent of GDP next year, more than three times the 2 percent average for other economies. In 2023, it noted, the US had exhibited “remarkably large fiscal slippages” with the deficit reaching 8.8 percent of GDP, up from 4.1 percent in 2022.

IMF says US debt creating “significant risks” for the global economy

Money to pay the debt will not come from slowing economic growth but through deepening attacks on the working class.

www.wsws.org

They Democrats were warned and warned by conservatives about the crazy spending. The Biden spending package of seven TRILLION dollars may send inflation spiraling.
Now even the IMF is telling them of the great risk. But it's election season and it's not their money.

 

[iluvatar5150]

They Democrats were warned and warned by conservatives about the crazy spending.

And yet, when given the opportunity during Trump's first two years in office when Republicans controlled the White House and both chambers of Congress, they did nothing but run up the deficit even more.

Federal Surplus or Deficit [-]

Graph and download economic data for Federal Surplus or Deficit [-] (FYFSD) from 1901 to 2023 about budget, federal, and USA.

fred.stlouisfed.org

 

[Pommer]

And yet, when given the opportunity during Trump's first two years in office when Republicans controlled the White House and both chambers of Congress, they did nothing but run up the deficit even more.

Federal Surplus or Deficit [-]

Graph and download economic data for Federal Surplus or Deficit [-] (FYFSD) from 1901 to 2023 about budget, federal, and USA.

fred.stlouisfed.org

Cutting taxes with a booming economy will tend to do that, yes.