Identify the incorrect statement about the U.S.federal deficit.
A)The U.S.is now the world's leading creditor.
B)The U.S.borrows huge sums from abroad.
C)Some critics blame U.S.fiscal policy as reflected in the large federal deficits for the switch of the U.S.from creditor to debtor nation.
D)Japan and China are big buyers of U.S.Treasury securities.
E)The federal budget,on an average,had a deficit of 3.0 percent relative to GDP.

Question

Quizplus · Accepted Answer

The statement "The U.S. is now the world's leading creditor." is incorrect. The U.S. is actually the world's largest debtor nation, with a national debt of over $26 trillion as of 2020.

Identify the Incorrect Statement About the U.S.federal Deficit