"the director of the Congressional Budget Office, Phillip Swagel, issued a stark warning that the United States could suffer a similar market crisis as seen in the United Kingdom 18 months ago, during former Prime Minister Liz Truss’s brief stint leading Britain - which briefly sent yields soaring, sparked a run on the pound, led to an immediate restart of QE by the Bank of England and a bailout of various pension funds, not to mention the almost instant resignation of Truss - citing the nation’s “unprecedented” fiscal trajectory. "
Severe austerity is inevitable in USA, regardless of whether the Democrats win the next election. Soc-dem is hopium and economic conditions in USA will worsen.
One point that few people mention when talking about the US debt is that about $13.8 trillion of it is owned by the government itself. Much of the rest is owned by US citizens, and thus does not represent a liability to the American nation itself. For a more rational government, the debt problem would be relatively easy to solve, though this one seems intent on using it as an excuse for austerity.
