We think that United States of America, the world's leading superpower, is awash with wealth and prosperity. But there are also problems like debt, prices and poverty. In the current situation, where Donald Trump has begun a very aggressive reign as the President, there is a debate about how he will get the country out of debt.
Between the Fact and Imagination..
The sky is the imagination of the middle class of whole world about America as a place of buildings, multinational corporations, good jobs, high salaries, and a wonderful life. The conditions there are different from these imaginations. The poverty, concentration of wealth, debt, price increases, unemployment, and job losses there reflect the real conditions of that country and reveal its mango nature.
As a result of debts, every citizen of America has a debt of 91 lakh rupees. America’s debt has been increasing for several decades. In 2000, the debt was 5.7 trillion dollars, and by 2024, it had increased to 36 trillion dollars. America’s debt alone is more than the total value of the economies of many countries in the world. It continues its economic survival by plundering the natural resources and wealth of backward countries with the power of arms business. If backward or third world countries and people revolt against America, its economy will collapse.
Wealth Concentration
The US economy, which is being touted as a paradise for the rich, continues to depend on other countries. The US has the highest wealth inequality in the world. It is at its highest level since 1920. Over the past 30 years, the wealth of the top 1% has increased by $21 trillion, while the bottom half has lost $900 billion. The gap between the rich and the poor in the US has grown faster than in Europe countries.
We have been looking at the wealth gap since 1980. The wealth of the top 1% in the US has increased more than in Europe. In short, the gap between the rich and the poor in the US has become much wider. Another factor that explains the wealth gap between the rich and the poor in the US is labour inequality. The wages of the working class are low and the wages of non-labour workers are high.
Existing Poverty
According to 2019 estimates, 10.5% of Americans are poor. According to a 2023 study published by The Journal of the American Medical Association, poverty is the leading cause of death in the United States. Nearly 3 lakh people die every year with poor social conditions. Children living in poverty face serious health problems in adulthood.
Shortage of Food
Despite exporting food grains to other countries, the people in that country are facing a food problem. In 2023, about 13.5% of families were food insecure. In a 2019 study, 40% of undergraduate students were food insecure. Food insecurity among American families has doubled during COVID-19. This is higher among families with young children. According to House Hall survey data collected in November 2020, 26 million adults (or 12% of the adult population) have been facing food insecurity for a week. Some organizations are providing food to families in need, which shows the extent of the food problem.
Unemployment is a Serious Issue
The unemployment problem in America is serious. The unemployment rate was 3.9% in 2023, and it increased to 4.1% in 2024. Millions of people have lost their jobs. Layoffs are continuing steadily. More than 20 million employees were laid off every year from 2001 to 2019. There were record layoffs in March and April 2020 due to Covid-19 pandemic. From January to October 2024, above 1.6 million employees were laid off. Currently, 1.8 million people are receiving unemployment benefits in America. In December 2024, more than 2 lakh people applied for new unemployment benefits.
Price Increase
According to the US agricultural report, the prices of essential goods have increased by more than 11% compared to 2022. The prices of some goods continue to rise. Egg prices are said to have increased by 4.8% and beef by more than 3%. The new US President-elect Donald Trump is said to be imposing a 25% tariff on imports. People fear that the price hike will be even higher if this happens. In a survey conducted by Water Guides, people are expressing concern that the cost of essential goods is upsetting their lives. They are worried that they are not getting enough money due to job losses and lack of new jobs, and are suffering from mental anguish due to financial stress. Two out of every three people say that financial factors are the main reason for stress. This stress is at its peak among young people.
Increase in National Debt
The extent of the US economy is reflected in its debts. According to the latest figures (27 September 20-24), the US has incurred debts of 36 trillion (36 lakh crore dollars) dollars. It incurred a debt of 2 lakh dollars in 2024 alone. As a result of this debt, every American citizen has a debt of 91 lakh rupees. America's debt has been increasing for several decades. In the year 2000, there was a debt of 5.7 trillion dollars, and by 2024 it had increased to 36 trillion dollars. America's debt alone is more than the total value of the economies of many countries in the world.
