AS the U.S. is struggling with a looming government shutdown and a lack of a House Speaker amid rising inflation and record-breaking national debt, a report warned that the country might face a gigantic economic crisis not seen since the Great Depression.
Fox News cited data showing that a massive economic crisis unseen since the Great Depression in the 1930s could hit the United States in 2024.
Statistics reveal that in the past three quarters, the country’s annual M2 money supply growth rate stayed negative, which means the amount of money available has been shrinking rapidly.
However, the domestic prices are still rising.
CCTV reports say in 2020 when the COVID-19 pandemic was raging, the U.S. government heavily borrowed and printed money, while the Federal Reserve carried out an unprecedented money supply policy.
Despite warnings from economists, the Fed still asked Congress to spend more and keep interest rates at an extremely low level.
After taking office, the Biden administration opted to keep government expenditures significantly higher than they had been prior to the pandemic, thus causing the country’s inflation to soar to a four-decade high.
U.S. media believe that if the White House and Congress do not cut the government spending soon, it will lead to catastrophic consequences.
