U.S. President Joe Biden assures that the U.S. economy is successful. However, according to the latest statistics, it is actually not functioning and is drowning in debt, says the Washington Examiner.

The Congressional Budget Office in its new report predicts a halt to U.S. economic growth this year. Real GDP growth is expected to be 0.1%, up from 1.9% over the previous decade. The budget deficit will rise by $3 trillion over the next 10 years as spending and borrowing costs rise amid slowing economic growth. The volume of U.S. government debt (already well in excess of 77% of GDP - a level considered critical by the World Bank, ed.) will continue to grow to 128%. Economic stagnation will worsen, according to the report.

The publication points out that the Biden administration dealt a blow to the budgets of millions of American families, whose debts have increased and incomes decreased. According to the Federal Reserve report, total household debt in 2022 showed the largest increase in the past 20 years - by $1.3 trillion.