America's Looming Debt Crisis: A Call for Urgent Fiscal Reforms
America is on the brink of a financial catastrophe, with national debt figures soaring to potentially crippling levels. Experts including Fed Chairman Jerome Powell and JPMorgan Chase CEO Jamie Dimon have voiced their concerns, signalling alarms that can no longer be ignored. The Congressional Budget Office (CBO) forecasts depict a grim future where, by 2054, the public debt is projected to soar to $141.1 trillion, amounting to 166% of GDP. This rampant increase in debt threatens to entangle the nation in a web of economic stagnation, hefty interest payments to foreign creditors, and substantial fiscal risks.
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