US debt crisis

Global debt has reached its highest level since WWII as governments continue to pump money into their economies in an effort to recover from damage caused by the Covid-19 pandemic.

With stock markets at an all-time high, housing prices soaring, and wages boosted, the hosts of the Keiser Report wonder how much money-printing the US is destined to endure.

The US’ federal budget deficit is on track to reach an enormous $2.3 trillion in the fiscal year 2021 – the second-highest deficit since World War II – according to a forecast by the Congressional Budget Office.

Democrat US president-elect Joe Biden has reportedly named former Federal Reserve chair Janet Yellen as Secretary of the Treasury, continuing a near-perfect record of re-recruiting former Obama staffers to fill his cabinet.

US Representative Ayanna Pressley, a member of the progressive ‘Squad’ in Congress, has argued that student-loan debt forgiveness is a racial-justice issue, drawing flak even from fellow Democrats.

The US Treasury Department has announced a budget deficit of $737.9 billion in April thanks to spending measures put in place to battle the economic effects of the ongoing coronavirus pandemic.