Currently, the US fiscal deficit is soaring! The bipartisan divide in the United States has intensified, and it is constantly entangled over the budget.
The convergence of these problems has brought the US federal government closer to the "shutdown", and if it is allowed to continue, what will be the impact? Let's first look at the US fiscal data, and then look at the government shutdown that the American people are talking about.
The federal fiscal deficit in the United States as a percentage of gross domestic product (GDP) is soaring, the highest since 1945, the US fiscal deficit has reached record figures, and the US will face high public debt.
The US fiscal deficit may even "double", the following data released by the US Treasury.
Due to the US budget and other issues, resulting in the US federal government "shutdown" crisis, that is, often called the government shutdown, the government shutdown will definitely cause the United States to be deeply affected, international rating agency Moody's warned that the government shutdown will have a negative impact on the US credit rating.
There is also the possibility that the shutdown of the US federal government may mislead the Fed at a critical time when the Fed's current rate hike cycle is coming to an end and is in a critical dilemma.
Former U.S. President Donald Trump shut down the U.S. government during his presidency, affecting more than 800,000 people. Will the lessons of past budget battles improve on this US federal government shutdown crisis?
Let's start with the American people's standpoint, and then discuss how the U.S. government can learn lessons and improve the "shutdown" crisis. The American people have expressed their views, and this topic has begun to be hotly debated.
Judging from the content of the international news broadcast, one of the Americans said: The US fiscal deficit is serious, the surge in deficit will aggravate the American people's concern about their own financial situation, we are very worried about the current fiscal and possible government shutdown, I am very sad that the US congressmen do not perform their duties, we have all paid money to the government, I hope the government can perform its job well, so that Americans can rest assured. More worried about whether it will affect their own property, the US government fiscal deficit leads to inflation in the United States, so that we face problems such as shrinking assets and reducing income.
Most Americans are tired of the federal government shutdown, and have they not woken up to the dangers of the last shutdown?
Regarding this "shutdown" crisis, another American said: I think let the federal government shut down, for the problem of the US federal government "shutdown" crisis, I am very concerned about these problems, but I can't change anything through my speech, I hope the country can respond in time. He also said: If I follow the management of personal financial plan recommended by the US government, my personal finances may have major problems, and I may even be in prison!
There are more Americans who are hotly debated, if the government is shut down? Where is the fiscal future of the United States? The surge in fiscal deficits is completely uncontrollable, so can it be left to develop?
The US fiscal deficit causes inflation, more people will lose their jobs, income is decreasing directly affect the lives of Americans, if the unemployment rate increases, will it escalate into more social contradictions or racial conflicts?
Around 11 a.m. today, Republican and Democratic negotiators in the U.S. Senate are about to reach an agreement on a short-term spending measure designed to keep the government running after October 1. The bill would extend the period of funding to the government by four to six weeks.
So, the negotiations and agreements of the representatives of the United States Senate can guarantee the continuation of the government, but they only serve as a moderation, and what will happen if this serious problem recurs in the future?
The Congressional Budget Office predicts that the size of public debt will nearly double in the next 30 years. By 2053, its share of gross domestic product (GDP) will soar from 97% today to 181%.