The U.S. Debt: Is More Always Merrier?

Registration ID: IJNRD_184044

Published ID: IJNRD2211122

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Ruchika Rashya Bhuyan

Macroeconomics, Global Economy, International Affairs, Current Affairs, Public Debt, Budget Deficit, United States Policy, Fiscal Policy, Behavioural Economics, Economic Policy, Policymaking.

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.

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Ruchika Rashya Bhuyan (November-2022). The U.S. Debt: Is More Always Merrier?. INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT, 7(11), a218-a226. https://ijnrd.org/papers/IJNRD2211122.pdf

Volume 7 Issue 11, November-2022

Pages : a218-a226

Paper Reg. ID: IJNRD_184044

Published Paper Id: IJNRD2211122

Research Area: Engineering

Author Type: Indian Author

Country: Mumbai, Maharashtra, India

Published Paper PDF: https://ijnrd.org/papers/IJNRD2211122.pdf

Published Paper URL: https://ijnrd.org/viewpaperforall?paper=IJNRD2211122

Journal Name: INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT(IJNRD)

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