US “debt bomb” ticking louder
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The US budget deficit for fiscal year 2024 has risen to $1.8 trillion, the highest in three years; government debt is approaching $36 trillion, deemed 'unsustainable' by Federal Reserve Chairman Jerome Powell; interest payments on debt reached $950 billion, surpassing military and Medicare budgets; CBO projects debt could exceed $50 trillion by 2030; economic growth is stagnant at around 2%; Trump warns loss of dollar's status equals losing a war; JP Morgan's Jamie Dimon and hedge fund mogul Ray Dalio express concerns over rising deficits; Mitch Daniels suggests planning for potential economic collapse and social unrest; calls for a political fight against capitalism's failures.

#UsEconomy #DebtCrisis #BudgetDeficit #FederalReserve #FinancialSystem #PoliticalResponse #WorkingClass #EconomicCollapse #SocialServices #Capitalism

https://www.wsws.org/en/articles/2024/10/11/wkvp-o11.html