I think between 5-10 years US will run into a deficit spiral: US will not be able to control its deficit. When that time comes make sure you will not need any additional credit and you have enough savings for 6 months to a year of expenses.
In the shorter term I predict that next summer Trump will replace Jerome Powell with someone else who will bring short term interest rates to close to 0%. This will allow the US admin to decrease the interest expense on its debt, and use these savings to further increase the deficit. The problem thus magnified will then be dumped onto the next US admin-which will be mocked by MAGA as incompetent (something along the lines of “we gave these guys a perfect economy and they wrecked it”)
Pardon my ignorance, but wouldn't there be negative follow-on effects from the Fed deciding to reduce interest rates to zero because they can? If not, then wouldn't they have done that already or, better, simply kept it at zero?
Oh, there will be bad effects from that -like inflation spike. The reason the interest rates are not zero is because the Fed still has some political independence. This independence will go away next summer when Trump will replace Powell with same tool of his liking.
Turkey tried doing it for years. The result was high growth but utterly insane inflation - we're talking well over 100% per year, so that everything becomes unaffordable.
In the shorter term I predict that next summer Trump will replace Jerome Powell with someone else who will bring short term interest rates to close to 0%. This will allow the US admin to decrease the interest expense on its debt, and use these savings to further increase the deficit. The problem thus magnified will then be dumped onto the next US admin-which will be mocked by MAGA as incompetent (something along the lines of “we gave these guys a perfect economy and they wrecked it”)