WASHINGTON, 21 Feb – The risk of recession remains in the United States due to the instability of economic indicators, said former commissioner of the Texas Railroad Commission (the oil regulator of the country’s largest oil-producing state) Ryan Sitton.
Consumer debt is at its highest level in history, Fed interest rates remain high and communities face housing affordability challenges, the former official said.
In addition, Sitton expressed confidence that these factors, along with fears of a recession, will have an impact on the upcoming US elections.
Earlier in February, the American Accounting Chamber published a forecast according to which the US national debt, while maintaining the current rates of income and spending, will grow faster than the country’s economy, and by 2050 will reach 200% of the national GDP. According to the department, the country’s government faces an unsustainable financial trajectory in the long term, which creates serious economic, security and social problems if this problem is not resolved.