The American Thinker: The US financial system collapsed in just one generation

FBA
FBA “Economy Today”

American finance collapsed at every level of government in just one generation. The corresponding article was published by The American Thinker magazine, which stated the constant deterioration of the situation.

According to journalists, things are going much worse in the “blue” US states (controlled by Democrats) compared to the “red” states (controlled by Republicans). In particular, in the next fiscal year, New York may face a significant budget deficit.

The city government is projected to collect $73.3 billion in taxes in 2023. At the same time, 101.1 billion will have to be spent. Without subsidies from the Ministry of Finance and the state, the Big Apple risks becoming bankrupt, the authors of the publication pointed out.

“Just one generation destroyed the US financial balance sheet completely. The next generation will have to jump above their heads in order to leave a worthy country as a legacy to their children, ”the article says.

The United States currently has a $30.6 trillion public debt hanging on it. Insurance funds and social security organizations, in turn, are already bankrupt.

Despite this, the American leadership is more concerned about the crisis in Ukraine. As the White House pointed out, Washington and Kyiv are now actively consulting on the preparation of energy infrastructure for winter.

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