Identify the incorrect statement about the U.S. federal deficit.
A) The United States is now the world's leading creditor.
B) The United States 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 United States from creditor to debtor nation.
D) Japan and China are big buyers of U.S. Treasury securities.
E) The federal budget, on average, had a deficit of 3.0 percent relative to GDP.

Question

Quizplus · Accepted Answer

The incorrect statement is that "The United States is now the world's leading creditor." In fact, the United States is the world's largest debtor nation, with a national debt of over $28 trillion as of 2021.

Identify the Incorrect Statement About the U