The crippling economy of the Superpower

Washington, 6th May (Reuters): The pandemic coronavirus has crippled the world’s economy since the countries announced lockdown to stop the spread of the virus.

The backbone of a superpower has been badly weakened and there is no money to run the state.

According to the details, the coronavirus has shaken the economies of the world, not only the developing but also the developed countries could not escape from its effects.

In this situation, superpower America has been forced to borrow money. The United States has said that it will borrow 30 trillion dollars for the first time in the second quarter. This loan will be raised from the sale of bonds to cover the heavy costs of coronavirus-related projects.

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The money will be spent by the United States on health-related financial aid and virus-related aid, including direct payments. It may be recalled that the US had asked for a loan in 2018 during the financial crisis, however, the 30 trillion dollar loan this time is five times more than the previous loan.

In the year 2019, the United States had again borrowed 29 trillion, 70 billion dollars, the total volume of the debt of the United States amounts to 250 trillion dollars.

It should be noted that 69,000 people have died from the coronavirus in the United States, however, the US president has expressed fears that the death toll could rise to 100,000.

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