China Sanctions U.S. Companies, House Bans CBDC, National Debt Hits $34.7 Amid Out of Control Deficit Spending
Weekly Recap - Friday, May 24, 2024
The U.S. House of Representatives just passed a bill banning the Federal Reserve from establishing a Central Bank Digital Currency:
- 213 Republicans in favor of the CBDC Anti-Surveillance State Act
- 3 Democrats voted for the bill
- 192 Democrats opposed it
The Fed admits that U.S. consumers are growing weaker.
52% of US adults could not cover an unexpected bill of at least $2,000 using savings
18% could only pay for an expense that's under $100
Moreover, the percentage of borrowers in credit card delinquency has more than doubled in just 10 years:
Additionally, the share of U.S. adults who feel they are doing “okay” financially continues to decline, according to a survey conducted by the Federal Reserve:
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The housing affordability crisis in the United States continues as mortgage rates remain elevated and home prices have not declined to the pre-pandemic level.
Meanwhile, the number of individuals experiencing homelessness has risen across all states:
You are welcome to watch one of my recent videos with further details:
The median US home sale price hits a new record high of $433,558 in April 2024.
US national debt hit a new high of $34.7 trillion in May; it’s now on pace to reach $40 trillion by 2025 if the current level of government deficit spending continues.
To put this in perspective, total US debt has increased by $11 trillion, or 47%, in 4 years. Interest expense has become one of the top five biggest expenses annually.
US debt-to-GDP ratio is 124%. CBO estimates the US debt-to-GDP ratio will be 131% in 2034.
Since 1800, 51 out of 52 countries with a ratio above 130% have defaulted.
Yet, the public is presented with an alternative reality:
The main stream media, of course, doesn’t skip a beat and continues to gaslight Americans for stating the obvious, ie. that the U.S. economy is in a recession:
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