There's an eerie quiet about what potentially is looming as a future crisis point for the US economy. Neither party is addressing America's burgeoning debt levels and the yawning gap between its income and its outlays.
There's surprisingly little that divides America's two presidential candidates when it comes to policy on how America's economy should be managed.Guitar virtuoso and social satirist the late Frank Zappa once labelled American politics "the entertainment division of the military industrial complex".
Strangely, there's an eerie quiet about what potentially is looming as a future crisis point for America's economy. Each year, it has financed those deficits with increasing amounts of debt. And during that time, its economy has not grown anywhere near enough to keep that debt in check.It only ever raises its head outside the election cycle, when Republicans routinely hold Democrat-led governments to ransom by threatening to not allow a lift in the debt ceiling.Deregulation, deflation and debt. They're three words that sum up the incredible growth era since the last great recession in the 1990s.
Given the US dollar is the globe's reserve currency, its finances directly impact every other nation and the risks of a global financial destabilisation increase each year the gap between income and spending widens.Total debt now stands at more than $US33 trillion , a three-fold increase since the turn of the century.
The Biden administration pencilled in a corporate tax increase to 28 per cent but never acted upon it, and whileWhile the deficit blowout largely went unnoticed as interest rates dropped, it's very much on the radar now. Interest now accounts for more than half the deficit payments and so Federal Reserve chair Jerome Powell's confirmation on Friday night that it now was time to begin cutting rates would have been welcome news in the White House.
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