It’s no secret that countries all over the world are struggling for cash. In a time of global recession, times have been very tough, and the US has had to bear the brunt of this challenge. Of course, as one of the most powerful pieces of land on Earth, this hasn’t held America back too much. As times get harder, though, something has to be done. A lot of people think Trump is the answer, and some even think that there isn’t any hope at all. Regardless, you came for the facts. So, to help you out, this post will be giving you a rundown of the current state of money in the United States.
Recently, the United States finally breached $20 trillion in debt to other nations. A large part of this need to borrow is thanks to a tax deficit which the country faces, meaning that the Government has to spend more than it earns to keep the country going. This works out to around $170,000 per taxpayer and is far more than anyone will be able to pay for a long time. It’s hard to tell whether or not Trump has had an impact on the US’s current financial position. Over the next few years, though, it will be easy to tell whether or not the influence of a businessman is good for a government, especially as other countries get their situations under control.
Of course, not all of the debt in the US is held by the nation itself, though, and a tremendous amount of money is also tied up in loans to individual citizens. The average indebted household in the US has around $137,000 in credit, including things like mortgages and credit cards. Of course, this is an average, meaning that some people owe nothing, and others may owe a huge amount. Currently, almost $800 billion dollars has been borrowed on credit cards throughout the country, and student loans make up for around $1.34 trillion. Without the help of a company like debtconsolidation.co, it’s very hard for people to overcome debt by themselves. For this reason, the US invests heavily in educating citizens about the money they possess, supplying loads of free online resources.
The economy isn’t just about money, unfortunately. If it were, managing a country would become a lot easier. But, there are a lot of factors which have to be considered, and a major one is employment. At the moment, the US sits at around 4.3% unemployment. Compared to other countries, this number isn’t too high, and sits very close to other countries at a similar level of development. Since December 2016, when Trump was elected, this has dropped from around 4.7%. Though it may seem small, this drop is very dramatic when you consider the timescale and the size of the country. Websites like data.bls.gov/timeseries/LNS14000000 can provide you with information like this. The impact of something like employment can be huge for a country, as more working people will bring in a lot more tax.
The entire world is struggling for money, at the moment, and there isn’t much sign that the challenge will subside anytime soon. This leaves a lot of work to the leaders of the world. The way that they handle their roles will impact generations to come, and could even make life harder or easier today. Normal people just get to sit back and watch.