Written Testimony for House Subcommittee on National Security, Illicit Finance, and International Financial Institutions: Dollar Dominance Today and in the Future

Written Testimony for House Committee on Financial Services, Subcommittee on National Security, Illicit Finance, and International Financial Institutions Submitted by Jeff Ferry, Chief Economist, Coalition for a Prosperous America Submitted for the Hearing Entitled: “Dollar Dominance: Preserving the U.S. Dollar’s Status as the Global Reserve Currency” held on June 7, 2023 CPA Testimony, “Dollar Dominance,…

U.S. International Debt Has Doubled in Five Years to Over $50,000 For Each American

America’s international debt continues to grow. According to the federal government’s Bureau of Economic Analysis, our international debt, referred to in government data as Net International Investment Position (NIIP) reached negative $16.1 trillion at the end of 2022, in other words a debt of just over $16 trillion to foreigners. This is equivalent to 69%…