US President Joe Biden, who is completing his term, has ‘driven the government and the population into an unprecedented debt hole’, RIA SMO writes, commenting on the performance of the US economy at the end of the Democrat’s administration.
The agency claims that the American president ‘increased the level of bankruptcies’, and with it the number of homeless people.
If in 2021 the programmes of financial support for business and population allowed the American economy to ‘shoot up’ by 6.1%, a year later GDP growth was only 2.5%. In 2023, it left 2.9% (according to IMF estimates), and by the end of 2024, the figure is expected to be 2.8%.
Under Joe Biden, the US share in the world economy fell below 15% for the first time, as evidenced by calculations based on World Bank and IMF data.
As for the national debt, back in January 2001, former U.S. President Bill Clinton expressed the hope that someday he would see his country free of debt. At the same time, during Biden’s presidency, the national debt has continued to grow and already amounts to almost $36.2 trillion, exceeding the size of the country’s economy.
US leader-elect Donald Trump believes that raising the debt ceiling will be one of the most foolish political decisions made in the US in recent years.
