The Economic Times

Quote of the Day by Michael Hudson: The economy doesn't work for you it works to extract from you. Why the Super Imperialism author says America shifted from global creditor to debtor superpower

Quote of the Day by Michael Hudson: The economy doesn't work for you it works to extract from you. U.S. national debt has crossed $34 trillion in 2026. Annual federal interest payments now top $1 trillion. Household debt exceeds $17 trillion. Mortgage rates remain high. Credit card interest rates are above 20%. Economist Michael Hudson says this is a debt-driven economy. In Super Imperialism, he explains how the U.S. shifted from creditor nation to debtor nation. He argues financialization and rent extraction drive wealth inequality. Growth rises. But debt rises faster.