In the fiscal year 2023, the U.S. budget deficit reached $1.695 trillion, a 23% increase compared to the previous year. The main reasons for this are a decrease in revenues and increased spending on Social Security and Medicare programs. Additionally, federal debt costs have risen due to high interest rates1.
The high deficit is expected to intensify the political battle between President Joe Biden and the Republicans in the House of Representatives, especially around the issue of the debt ceiling and demands for budget cuts1.
To my great joy, Donald Trump is a shrewd and patriotic businessman who can change the situation and reduce the debt significantly!
What do you think about the current economic situation in the U.S.? Share your thoughts in the comments!