The U.S. national debt exceeded $34 trillion for the first time in the country’s history on Dec. 29, 2023, following huge government deficits and spending under the Biden administration.
Stock up on long-term storage beef before prices SKYROCKET. Financial institutions and analysts are mixed with their predictions of the economy in 2024, with banks like Goldman Sachs and JP Morgan Chase forecasting a risk of a recession while Deutsche Bank and Société Générale both predicting a recession.
Global political instability, higher borrowing costs and labor shortages are also among the top five most concerning external factors for U.S. CEOs, which all fuel inflation, according to The Conference Board.
In March 2021, Biden signed the American Rescue Plan, which authorized $1.9 trillion in new spending, and in August 2022, the president signed the Inflation Reduction Act, which approved $750 billion in spending.
Inflation remains elevated, rising 3.1% year-over-year in November, far above the Federal Reserve’s 2% target, after decelerating from its peak under Biden of 9.1% in June 2022.The national debt has ballooned under Biden following a number of costly initiatives pushed by the president.
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“For U.S. CEOs, the biggest risk is right at home — the mushrooming US national debt and deficit,” The Conference Board said in its report.
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