US Economy Could Settle Into a Long & Slow Grind, Predicts Economist
The US added trillions in stimulus spending, making the economy experience a “mini growth miracle.” The growth could become a burden in the coming years as federal spending and debt are added to the economy. The Rockefeller International chair, Ruchir Sharma, highlighted how the world thanked China for leading economic growth after the 2008 financial crisis. 15 years later today, the Chinese economy is in turmoil because of massive stimulus campaigns during the global financial crisis. Also Read: BRICS : Top Oil Producer Ditches US Dollar, Accepts Only Local Currency Debt weighed down the Chinese economy, and the US is now following the same downward path that China walked previously. Sharma wrote in the Financial Times that post-mini miracle growth, the US could face similar headwinds to China. Federal Spending, Debt, Reasons for US Economy To Slow Down Source: Wallpaperflare.com The Federal spending reached $8 trillion in 2021 with $6 trillion spent on the US m...