AMERICA IS UNDER FINANCIAL CRISES

America is currently facing several financial challenges[43dcd9a7-70db-4a1f-b0ae-981daa162054](https://www.businessinsider.com/us-debt-problem-explained-deficit-gdp-inflation-economy-interest-rates-2024-4?citationMarker=43dcd9a7-70db-4a1f-b0ae-981daa162054 "1"). The **federal debt** has reached a record high of **$34 trillion**, with the government adding about **$1 trillion every 100 days**[43dcd9a7-70db-4a1f-b0ae-981daa162054](https://www.businessinsider.com/us-debt-problem-explained-deficit-gdp-inflation-economy-interest-rates-2024-4?citationMarker=43dcd9a7-70db-4a1f-b0ae-981daa162054 "1"). This mounting debt is causing concerns about higher inflation, market volatility, and a potential decrease in the quality of life for Americans[43dcd9a7-70db-4a1f-b0ae-981daa162054](https://www.businessinsider.com/us-debt-problem-explained-deficit-gdp-inflation-economy-interest-rates-2024-4?citationMarker=43dcd9a7-70db-4a1f-b0ae-981daa162054 "1"). Additionally, the **current-account deficit** and **budget deficit** are also significant issues, with the latter reaching **$1.7 trillion** in fiscal year 2023[43dcd9a7-70db-4a1f-b0ae-981daa162054](https://www.pewresearch.org/politics/2024/05/23/top-problems-facing-the-u-s/?citationMarker=43dcd9a7-70db-4a1f-b0ae-981daa162054 "2")[43dcd9a7-70db-4a1f-b0ae-981daa162054](https://www.businessinsider.com/us-debt-problem-explained-deficit-gdp-inflation-economy-interest-rates-2024-4?citationMarker=43dcd9a7-70db-4a1f-b0ae-981daa162054 "1").