US national debt reaches $40 trillion, economist suggests dollar decline
UKPulse News Desk
The United States' national debt has reached a new milestone of $40 trillion. Economist Kenneth Rogoff suggests that the era of the US dollar's dominance as the world's reserve currency may be ending.
- The US national debt recently hit $40 trillion.
- Interest payments on the national debt are estimated to be the second largest expense in the US government budget, after social security.
- Harvard economist Kenneth Rogoff believes the US dollar, which has enjoyed hegemonic status as the world's reserve currency, is now in decline.
The United States' national debt has recently reached a new milestone, climbing to $40 trillion. Interest payments on this national debt are now estimated to be the second largest expense within the US government budget, surpassed only by social security.
According to Harvard economist Kenneth Rogoff, the US dollar's status as the world's reserve currency has been a key factor enabling the US to borrow such significant amounts for an extended period. Rogoff, a former chief economist at the International Monetary Fund, suggests that this era of dollar dominance may be coming to an end.