2023-10-02 17:41:00
“Thanong” analyzes the US economy, showing signs of collapse, coping with 5 bad storms: “debt – oil prices – auto manufacturers union protests – student loan groups say it’s time to pay off debt – home interest rates soar” even though they just narrowly escaped the shutdown.
Date: 2 Oct. 2023 Mr. Thanong Khanthong, international news expert Participated in a conversation on the program “Khon Kho Khao” broadcast on the satellite television station “News One” on the topic “The United States survived the shutdown. But the economy is still at risk of encountering 5 bad storms.”
From the case on September 30, 2023, the US government was able to avoid a shutdown. Three hours before the deadline, following the Senate agreed to a short-term budget agreement with a vote of 88 to 9, extending the budget until Nov. 17.
Mr. Thanong said that this is American politics with divisions between two political parties. Even within the Republican Party itself, it is highly divided.
Most recently, the budget has been extended to allow the government to carry out its policies for the next 45 days. The next deadline is 17 Nov. During that time, we will have to discuss it once more. He will approve this in installments because the details of spending are highly political.
In the past, the American government shut down so often that it was normal. But there has never been a time when the economy has been as weak as this time. Good thing I survived this time.
Mr. Thanong further said that even if the shutdown is spared, the American economy is still at risk of encountering 5 bad storms, consisting of:
1. US debt has now reached $33.1 trillion. It’s already in order. It is also seen that the cumulative deficit between 2024-2033 will increase by another 20.2 trillion baht, causing the US public debt during 2030-2033 to reach 50 trillion USD.
2. Oil prices from Russian-Saudi cooperation Including the OPEC group reducing production capacity, causing the world oil market to decrease. It is an energy war with Europe and the United States. This will make things difficult for Europe and the United States.
3. The protest of the unions of the 3 major automobile manufacturers, General Motors (GM), Ford, and Stellantis, totaling 145,000 people, just went on strike for 1 week, causing the United States to lose 1.6% of its income. Billions of dollars to demand a wage increase It is a reflection of the picture including the problem of inflation. Cost of living rises Recently, they still can’t come to an agreement.
4. Student loan borrowers: 44 million people have to repay their debts following they stop making payments. This will cause the money used for other expenses to decrease and there will not be enough money flowing into the economy.
5. Interest on home loans Currently at 7.5%, inflation causes high interest rates. It hits Americans hard.
Therefore, some people think that the US economy It will go down gently (Soft Landing), keeping inflation under control. Jerome Powell, Chairman of the Federal Reserve (Fed), thinks that he may be too optimistic because there are 5 bad storms to deal with.
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