US debt crisis

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.

The growing rivalry between the world’s two largest economies, the US and China, is at risk of becoming a ‘financial war,’ a former Chinese finance minister says.

President Trump has applauded the latest jobs report and its positive effect on stock markets as critics unleashed on him for his failed promise to tame the US government spending spree that pushed the national debt over $23tn.

Some 2.5 million US college students are reportedly “seeking arrangement” with older adults in hope of avoiding the yoke of student debt. With college costs out of control, monetizing desperation has become an industry.