Economists explained cause of US wealth

The United States can remain so long to remain a costly successful country due to the fact that both the state and citizens are very much taken in debt, said Russian economist Maxim Shein.

The expert recalled that the US debt is tens of trillion dollars, reports Prime.

US citizens themselves scored loans by almost $ 15 trillion – mainly at housing, cars, education. Credit cards are also taken into account.

US debt by December 16 rose to 29.2 trillion from 27.8 trillion dollars a year earlier and exceeded the country’s GDP size, according to the latest statistics of the US Department of Finance.

During the US pandemic, not only debt, but also cash emissions, redeeming in the government bonding market to maintain low rates. Such a policy allows the United States to remain the largest economy of the world with a high level of consumption by lending to the population and business, which partially sponsors the global economy, since the US dollar remains one of the most important settlement and reserve currencies in the world, analysts are noted, “” write .

The Ministry of Finance US published a report on the first six months of the implementation of the New Saving Plan of the country. Since President Joe Biden has signed a rescue plan at the beginning of the year, the Ministry of Finance allocated about 700 billion dollars from 1 trillion dollars to the Treasury programs. These are more than $ 450 billion paid directly to families and households, including more than 170 million payments for economic damage totaling more than $ 400 billion, more than 106 million payments for children’s tax breaks totaling more than 46 billion dollars and more than 1 million payments for rent in emergency situations totaling more than $ 5 billion. The Treasury also sent $ 240 billion in the form of fiscal support to state governments, territories to combat a pandemic and accelerating economic recovery.