The US is grappling with record $34.5 trillion debt, triple the eurozone's, and set to hit 134% of GDP by 2029. Elevated deficits and skyrocketing interest payments may evoke fears of imminent fiscal crisis if countermeasures are not adopted.
The US national debt has soared to a staggering $34.5 trillion (€32.3 trillion), nearly three times that of the entire eurozone, accounting for 122% of its gross domestic product (GDP) versus the eurozone's 87%. According to the latest International Monetary Fund (IMF)'s Fiscal Monitor report, this figure is projected to rise to 134% by 2029, indicating a worsening debt trajectory.
I found this article while searching for EU economy debt. It's very interesting however Euronews has gone with the comparison as if EURO were same as USD. @TomK, you wanna say something about this, may be?
I don't see US and USD bith going anywhere in next 100 years.
They surely can't manage to go with it for a long time. With China and Russia challenging dollar supremacy they need to find another way.
Where I see US moving towards with this much debt is nowhere. They have created a trap and I don't see them coming out of it for sure. As far as EU is concerned, they have their own problems.
Realistically, the debt will be inflated out. With low interest rates. This will include the loss of the reserve currency status.
When do you see the US economy fall? Which year I mean?
I think around 2042, there will be a catastrophic failure.
You are usually pretty high up on the leaderboard I have noticed. Good job. Seems to me like you are one of the elites here.
Noone is elite here. Everyone is Stacker.
I agree. You are doing pretty well though. I was referring to your comment the other day about the fun fact contest. I don't remember how you worded it, but it was about how some people have more control or something. And I am seeing that you are a big part of stacker
Thanks for your kind words. I would rather just be a part of it. It came as a big thing in my life. If I hadn't found Bitcoin and most importantly SN, I would have been working somewhere for as much as 100 dollars a month.
It is truly special here. The more I use it, the more I like it. It is a perfect application for Bitcoin. We are so lucky to be here so early. It will pay off more soon when there is 100x users here. You are positioned well. Keep it up.
Thanks 😊
Yes, we're all Stackers. Aren't we? You may hold tens of Bitcoin and I may only have a friction of it but we are all on the same boat. Aren't we?
Yes. And we all get what we deserve in the end. Or at least that is what I think. When I was greedy I lost all my Bitcoin. Now I am humble and contribute and it's coming back.
I wish you all the best. Also, I see you're doing a great job. Your post about caffeine got a lot of comments. Moe than 130.
Yeah. I was really surprised. I just asked because I was looking for guidance.
This is the best thing about SN. You get answers if you ask.
The US can manage it...until it can't. There's really no way to know when that will be.
Stay humble. Stack sats.
What about EU? Isn't this Euronews trying to be oversmart while saying that EU is in a better position.
They can say all they wont, it wont change a thing in reality. They will still live in their LaLa Land and tell you "all is fine". But it ain't and its gonna get worse before its gonna get better. They know it, just can't say it...
Yeah, they're being too clever by half. Everyone knows there's more dollar demand internationally (Euro demand is almost non-existent). That means the US can support a much larger deficit. America essentially exports fiat to other nations.
I think they are trying to console Europeans with such articles are found everywhere in EU media. The EU economy is under a great crisis and they have been lying like this forever Months now.
That’s why people continue to buy bitcoin
Not forever, but yes they can likely keep kicking the can down the road for awhile longer.
Longer than EU?
Good question. Yes likely.
It's also the question that this article raised while comparing US debt with that of EU's. I thought they were just trying to fool people of EU by suggesting their economy is invincible but US is going to fall very soon. And then Euro will become the global currency.
While debt levels might be lower, Euro nations have a lot more problems in my opinion than the US. Lack of energy independence. Socialist leaning governance. Strong members need to keep weak members of European Union propped up.
Thanks. Can we add their green revolution propoganda to the list that will be the reason for their fall?
That ties both into the energy independence issue and socialist governance issue.
Yes, definitely. I just went with my emotions. I only blame Green propoganda for the decaying economy of Europe.
It is not wise to believe that the US can manage the debt crisis without resorting into fiscal crisis. Take a good look at the debt record once again. Dark clouds hovering.
Definitely hovering upon US but it's also not wise to believe that EU is in a great position to manage the debt, or is it?
Correct.
the EU will probably just mirror what the US is doing, they're in a similar dynamic, but with the euro being a lot worse of than USD beccuase so many countries have so much exposure to treasuries and anyone with a weaker currency just tries to get dollars. no one give a fuck about the euro
These numbers are really meaningless because GDP is a completely made up figure and the system is literally based on debt
It could technically go on in perpetuity if the underlying economy was efficient, but alas these systems combined with the dollars reserve status make it decidedly not so.
Who's to say when it ends? What does end even mean? It changes dramatically every decade or so anyway... but my guess is the fake pandemic was needed cover to kick the fiscal the can a cycle with a few Trilly until this election/ww3 setup could be a catalyst for something bigger... we're about there now... red october?
Can they or will they? I think it is a question if they care enough.