28 July 2023
The Congressional Budget Office reveals that the US budget deficit rose by 156% to $225 billion in June, leading to a $1.4 trillion deficit for the first nine months of fiscal 2023, marking a 171% increase from the same period in the previous year. The US national debt officially stands at $32.6 trillion. However, the situation is more severe, with the real obligations, including entitlements like Social Security and Medicare, estimated to be around $200 trillion. Amid these circumstances, potential solutions such as severe spending cuts, considerable tax increases, or hyperinflation pose significant risks. Given these challenges, the Federal Reserve might resort to hyperinflation by printing more money, despite the long-term economic dangers.