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Recently, it was reported that the United States may have the worst collapse since the Great Depression, which has attracted widespread attention around the world. According to US media reports, more and more data show that the US economy is currently in an extremely fragile situation and will soon fall into a large-scale crisis. The crisis could have an impact on the U.S. economy that would be more devastating than the Great Depression, and could explode in full force in 2024.
This news not only caused turmoil in global financial markets, but also caused deep concern about the US economy around the world. Despite statements from White House and Fed officials claiming they are taking steps to ease economic woes, there does not seem to be a real change. Some people believe that this situation may be an important turning point for the US economy from prosperity to decline, and the United States may lose its status as the world's number one economic power in the future.
Since the outbreak of the pandemic, the Fed has aggressively raised interest rates 11 times to curb inflation. However, the move has resulted in prices for most goods and services being much higher than pre-pandemic levels, putting unprecedented pressure on U.S. households. The latest data shows that the amount of money available in the United States is shrinking rapidly. Despite the current collapse of the US money supply, prices continue to rise. More and more Americans are heavily indebted and struggling to pay for basic living expenses.
Some economists have pointed out that the root cause of the US economic difficulties lies in deep-seated structural problems. These include, but are not limited to, the widening gap between rich and poor, high government debt, the negative impact of long-term low interest rate policies, and the bursting of the technology bubble. These problems are not something that can be solved quickly in the short term, but will take time and sustained effort.
The question, however, is whether the United States has enough determination and courage to take the necessary steps to reverse the economic decline. Or has the United States missed the best time to solve the problem?
In the context of globalization, the collapse of the US economy will have a profound impact on the world. Especially for emerging market countries, the shock of the US economy may bring about instability in capital flows, which will affect their economic development. For developed countries, the crisis in the United States could lead to a global economic downturn, which in turn would affect their exports and economic growth.
Moreover, will the U.S. government and Congress be able to come together to address this serious economic problem? Or is it once again mired in endless bickering and political games? If consensus is not reached, the outlook for the U.S. economy could be even bleaker. It remains to be seen whether the U.S. economy will succeed in reversing this trend in the future.