Bitcoin is not the only one to boast of expressive gains. The national debt of the world's largest economy is likely to take the lead in this sort of ranking. According to forecasts, the US public debt will hit a new all-time high this year.
The Congressional Budget Office expects the US federal debt burden to reach 102% of GDP by the end of this year and soar to 202% of economic output by 2051. Notably, this alarming forecast does not include the $1.9 trillion COVID-19 package recently adopted by Congress. Nevertheless, it is too early to talk about a fiscal crisis. In the short term, it is not considered a threat. The CBO suggests that this year, the country's budget deficit will decrease to 10.3% of GDP from 14.9% in 2020. In 30 years, it is projected to amount to 13.3%. The annual rate of economic growth in the US is expected to be an average of 1.8% between 2021 and 2051, while the pre-crisis average rate was 3.1%.
However, domestic problems are not a reason for the United States to renounce its beliefs. In its efforts to secure international justice, the White House will continue to impose sanctions against countries that violate human rights. The latest penalty was new sanctions against Russia over the poisoning and jailing of Kremlin critic Alexei Navalny, which could pose a threat to the Russian national debt. As early as June, Washington may prohibit US banks from lending money to Russia’s government agencies. In other words, the US will impose sanctions on the Russian sovereign debt.
