The US national debt is nearly $30.9 trillion and continues to rise
A local financial expert recommends investing in precious metals amid economic uncertainty.
LA CROSSE (WKBT) — According to US National Debt The clockUS debt is over $30.87 trillion and continues to rise.
The U.S. national debt stands at nearly 123% of U.S. gross domestic product, according to the Federal Reserve Bank of St. Louis.
Mike Klug has worked in financial services for over 42 years as an insurance broker and consultant.
He predicts that the Federal Reserve’s decision to raise interest rates could lead to a recession because it could lead to a reduction in consumer spending.
“It’s going to hurt this region a lot, it’s going to be what gets us into a bad recession,” Klug said.
On Thursday and late August, Federal Reserve Chairman Jerome Powell said the United States would continue to maintain price stability with high rates.
“The primary goal of the Federal Open Market Committee right now is to get inflation back to our 2% target,” Powell said in a speech Aug. 26.
Klug said despite low unemployment, high inflation is a symptom of an even sicker economy.
“We stretched the rubber band as far as we could stretch it and now we’re going to pay for it,” he said.
Klug added that to prepare for a possible recession, people should seek to pay off their debts and also invest in precious metals such as gold and silver.
He said silver is a better option because it’s cheaper.
“Silver is the most undervalued metal, one of the most undervalued commodities,” Klug added.
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