ViewpointsOpinionThe United States Is Borrowing to Disguise RecessionSavePrintThe Department of the Treasury building in Washington, on Oct. 18, 2018. Mandel Ngan/AFP via Getty ImagesDaniel Lacalle10/30/2023|Updated: 11/19/20240:00X 1CommentaryThe headline economic figures for the United States look robust. However, details show concerning weaknesses.Share this articleLeave a commentDaniel LacalleAuthorDaniel Lacalle, Ph.D., is chief economist at hedge fund Tressis and author of the bestselling books “Freedom or Equality” (2020), “Escape from the Central Bank Trap” (2017), “The Energy World Is Flat” (2015), and “Life in the Financial Markets.”websiteAuthor’s Selected ArticlesThe US Dollar Remains the World’s Top Reserve CurrencyJul 21, 2025How Analysts Misjudged the US Economy: Growth, Inflation, and Fiscal Surprises in 2025Jul 14, 2025Iran’s Allies Abandon the Regime as Geopolitical Tension EscalatesJun 25, 2025Is the European Union Deliberately Delaying Trade Negotiations?May 27, 2025Related TopicsGDPUS debt