It has been revealed that the US deficit continues to rise. Check out the following details about the latest reports on the matter.
US deficit continues to rise
The US government’s spending has exceeded its revenue by more than a trillion dollars in just eight months of the current fiscal year.
This information comes from a recently published report by the Treasury Department that monitors the government’s receipts and expenses for the 2023 fiscal year, which runs from October 1st, 2022 to September 30th, 2023.
According to the agency’s latest figures, the government’s budget deficit has soared to $1.392 trillion year-to-date, from October 2022 to June of this year.
This marks a 170% increase from the same time last year. Specifically, the government spent over $4.80 trillion from October 2022 to June 2023, while earning $3.413 trillion in taxes and other revenues.
Fitch, the rating agency, has stated that although the United States maintains a “AAA” credit rating, the highest designation granted to countries with the lowest expectation of default risk, it is currently on negative watch due to the nation’s fiscal and debt trajectories.
“Fitch believes the US rating is supported by exceptional strengths, including the size of the economy, high GDP (gross domestic product) per capita and dynamic business environment.”
The same notes continued and revealed the following:
“The US dollar is the world’s preeminent reserve currency, which gives the government unparalleled financing flexibility. Some of these strengths could be eroded over time by governance shortcomings.”
The state of Bitcoin amidst the financial state of the US
Robert Kiyosaki, a bestselling author, recommends that people invest in Bitcoin (BTC) and precious metals due to the rising national debt and financial inequality in America.
He expresses his concerns about the country’s current state and shares this with his 2.4 million Twitter followers.
He believes in investing in “real assets,” such as gold, silver, and Bitcoin, given his outlook on the US economy.
