U.S. growth greatly depends on deficits, debt: Financial Times

LONDON, July 20 (Xinhua) -- U.S. growth depends on deficits and debt to a much extent, and the country is now the biggest deficit spender in the developed world, an opinion article published by the Financial Times has said.

All the new spending from the Joe Biden administration came after 2020 was over, most of which had nothing to do with the COVID-19 pandemic relief, Ruchir Sharma, chair of Rockefeller International, said in the article last Sunday.

"In coming years, the U.S. deficit is expected to average close to 6 percent of GDP - well above its historic norm, and a full six times the average in other developed economies," Sharma added.

Within 10 years, U.S. government interest payments will exceed spending on defense and on social programs, he said.