With global debt soaring to a record high of 315 trillion dollars, the United States finds itself shouldering a significant portion of this burden at 35 trillion dollars, contributing to approximately 11% of the total global debt. At the same time, US debt service has exceeded the defense budget, amounting to a staggering 915 billion dollars.
The US economy is facing challenges such as growth slowdown and fears of a recession, with the current government struggling to implement major projects. As the budget deficit continues to rise, reaching $244 billion in July, concerns about economic stability grow.
Furthermore, geopolitical tensions and military engagements in regions like the Middle East pose additional economic risks for the US. Support for conflicts like the Russian-Ukrainian war and the Gaza war come at a high cost, nearing 200 billion dollars, while inflation and price hikes burden US taxpayers.
Amidst these challenges, emerging powers like the BRICS group, led by Russia and China, threaten to shake the global economic landscape by reducing reliance on the dollar in transactions. As the US navigates through these turbulent times, strategic decisions will be crucial to safeguard economic stability and navigate international relationships.