USA Today reported on Nov. 13,
However, Powell also said that he believes that “The day of reckoning could be quite far off.” Paraphrasing Powell’s remarks, The Associated Press via The New York Times reports,
He also noted, “There is no reason to believe that the probability of a recession is elevated at this time. We don’t see the warning signs that appeared in other cycles, yet.” The downturn in manufacturing is being offset by strong consumer spending, he added.
The following charts provide a look at various measures of government debt in the United States.
According to the Congressional Budget Office (CBO) on Nov. 7, 2019,
Source: Congressional Budget Office
Note: Shaded areas represent recessions. Fiscal year basis.
Source: Federal Reserve Bank of St. Louis (FRED), U.S. Office of Management and Budget, updated 10/25/2019.
Source: Trading Economics, U.S. Treasury
FIGURE 4: UNITED STATES GROSS FEDERAL DEBT TO GDP RATIO
Source: Trading Economics, U.S. Bureau of Public Debt
Source: International Monetary Fund (IMF)
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