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Mounting U.S. debt is a “time bomb”
(People's Daily Online) 15:54, August 16, 2024
Cartoon by Ma Hongliang.
The U.S. federal government’s total public debt has reached $35.001 trillion as of July 26, surpassing $35 trillion for the first time, according to data released by the U.S. Department of the Treasury.
As a matter of fact, the U.S. government has already hit its debt ceiling to $31.4 trillion in January 2023. The average debt per person in the country has also kept rising. Currently, the average American debt is over $100,000 per person.
The mounting U.S. debt not only puts the country’s long-term economic growth potential at risk but also weighs down global economic progress. It is like a ticking time bomb, threatening the global economy with hidden dangers.
(Web editor: Xian Jiangnan, Liang Jun)
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