INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT International Peer Reviewed & Refereed Journals, Open Access Journal ISSN Approved Journal No: 2456-4184 | Impact factor: 8.76 | ESTD Year: 2016
Scholarly open access journals, Peer-reviewed, and Refereed Journals, Impact factor 8.76 (Calculate by google scholar and Semantic Scholar | AI-Powered Research Tool) , Multidisciplinary, Monthly, Indexing in all major database & Metadata, Citation Generator, Digital Object Identifier(DOI)
In the past few years, the U.S. debt has been accumulating at a breakneck rate, with the debt ceiling being raised twice in the same quarter of 2021. The exorbitant amount of federal debt implies several negative corollaries, from the exacerbation of income and wealth inequalities to credit downgrading to risks of defaulting. At present, the U.S. debt stands at around $31.2 trillion, exceeding the debt ceiling and evoking fears over a probable default. However, against standard economics principles, a growing body of economists known as the Modern Monetary Theorists argue that U.S.’s accumulating debt is not worrisome for the near future. In light of the emerging discourse over the consequences of U.S.’s mounting debt, this paper explores the ramifications of a default while evaluating the viewpoints of Modern Monetary theory. Concluding that over the long-run, an unrestrained rate of increasing federal debt can become unsustainable and inconducive to economic growth, policy recommendations are proposed for mitigating the debt situation.
Keywords:
Macroeconomics, Global Economy, International Affairs, Current Affairs, Public Debt, Budget Deficit, United States Policy, Fiscal Policy, Behavioural Economics, Economic Policy, Policymaking.
Cite Article:
"The U.S. Debt: Is More Always Merrier?", International Journal of Novel Research and Development (www.ijnrd.org), ISSN:2456-4184, Vol.7, Issue 11, page no.a218-a226, November-2022, Available :http://www.ijnrd.org/papers/IJNRD2211122.pdf
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ISSN:
2456-4184 | IMPACT FACTOR: 8.76 Calculated By Google Scholar| ESTD YEAR: 2016
An International Scholarly Open Access Journal, Peer-Reviewed, Refereed Journal Impact Factor 8.76 Calculate by Google Scholar and Semantic Scholar | AI-Powered Research Tool, Multidisciplinary, Monthly, Multilanguage Journal Indexing in All Major Database & Metadata, Citation Generator
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