https://sputnikglobe.com/20240513/us-heading-to-fiscal-train-wreck-in-2025-due-to-large-debt-spending-surges---malpass-1118412062.html
US Heading to Fiscal ‘Train Wreck’ in 2025 Due to Large Debt, Spending Surges - Ex-World Bank Head
US Heading to Fiscal ‘Train Wreck’ in 2025 Due to Large Debt, Spending Surges - Ex-World Bank Head
Sputnik International
The large national debt and excessive spending policies of the US government could lead to a fiscal "train wreck" as soon as 2025, former World Bank President David Malpass said on Monday.
2024-05-13T15:52+0000
2024-05-13T15:52+0000
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"All signs point to a fiscal train wreck in 2025 when the debt limit is triggered, spending surges, and tax rates jump," Malpass said in a post on LinkedIn. Malpass noted that the explosion of US government debt is draining and concentrating global resources into a narrow set of US government priorities and beneficiaries. The key problems of the American economy are the lack of new investment amid a huge growth in public spending resulting in an unprecedented debt-to-GDP ratio as well as short-term financing crowding out small businesses, the post said. The US debt currently exceeds $34.5 trillion.
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US Heading to Fiscal ‘Train Wreck’ in 2025 Due to Large Debt, Spending Surges - Ex-World Bank Head
15:52 GMT 13.05.2024 (Updated: 15:56 GMT 13.05.2024) WASHINGTON (Sputnik) – The large national debt and excessive spending policies of the US government could lead to a fiscal "train wreck" as soon as 2025, former World Bank President David Malpass said on Monday.
"
All signs point to a fiscal train wreck in 2025 when the debt limit is triggered, spending surges, and tax rates jump," Malpass said in a post on LinkedIn.
Malpass noted that the explosion of
US government debt is draining and concentrating global resources into a narrow set of US government priorities and beneficiaries.
The key
problems of the American economy are the lack of new investment amid a huge growth in public spending resulting in an unprecedented debt-to-GDP ratio as well as short-term financing crowding out small businesses, the post said.
According to the International Monetary Fund, the US public debt will exceed 123% of GDP in 2024 and reach nearly 134% in 2029.
The US debt currently exceeds $34.5 trillion.
