Breaking through 34 trillion! U.S. debt hits record again

In 2023, after the Fed continued to raise interest rates sharply, the US inflation rate declined, and the economy showed a certain recovery trend. Despite this, under the influence of challenges and uncertainties such as the core inflation rate still far higher than the Fed’s target, the lag effect of high interest rate policy gradually emerged, and the scale of federal government debt continued to expand, the US economy has not escaped the risk of recession, and whether it can achieve a “soft landing” remains to be seen. Although the US macroeconomic data in 2023 is better than expected, the actual feelings of the American people about the economy are “different” from the data. With prices continuing to rise, the middle and low-income people in the United States are still under a heavy economic burden, and the gap between the rich and the poor in society continues to widen. The “National Economic Survey” released by the US Consumer News and Business Channel (CNBC) recently showed that 66% of the respondents were negative about the current economic situation and prospects in the United States, which is the highest record in the 17 years since the survey was launched. In addition to food, living costs such as rent are also rising. The Wall Street Journal recently reported that the decline in US inflation is better than expected, but it is worth noting that consumers have begun to cut spending, and the continued growth of consumer spending may be losing momentum. Many experts call this round of economic recovery in the United States a “weak recovery.” Darrell West, a senior fellow at the Brookings Institution, told Xinhua News Agency that high prices have hurt consumer interests and also damaged the public’s confidence in the U.S. government’s economic policies.