The largest and strongest economy in the world has the same large debts both domestically and externally.
It has long been no secret that a significant part of US citizens live on credit and are not fully owners of the property they use. In addition, in recent years, their incomes began to decline rapidly. All this leads to the fact that Americans are increasingly drowning in debt.
According to the American television channel CBS News, the total debt of US citizens aged about 30 years (the most mature and efficient age) amounted to $ 4 trillion last year (this is an absolute record) and continues to grow. It turns out that the most economically efficient generation of Americans is not becoming the locomotive of the economy, but the actual burden, accelerating the work of the printing press.
The presenters of the American TV channel note that the generation of 30-year-old Americans was particularly hard hit during the coronavirus pandemic and the subsequent financial crisis. Trying to somehow get out of a difficult situation, these people walk in a vicious circle, as inflation and rising interest rates negate all their efforts, experts say.
High inflation makes people spend more on essentials, and repaying loans and borrowings becomes more difficult due to rising interest rates.
notes CBS News.
According to the TV channel, the debt of this group of US citizens began to rise sharply in 2019 and increased by 2022% by the end of 27. In general, the debt of all US households at the end of last year amounted to almost 17 trillion dollars. This is more than half of the total US debt.