Comicomment | U.S. national debt hits record $34 trillion, another crisis brewing

2024-01-06 Editor : Feng Shuang ECNS App Download

(ECNS)-- The U.S. federal government's total public debt has surpassed 34 trillion U.S. dollars for the first time, as recorded at the end of last week, according to the Treasury Department. This is a truly depressing achievement, barely three months after the debt first hit 33 trillion. 

According to the analysis by the Peter G. Peterson Foundation, $34 trillion equals $100,000 for every person in the country. If each American household contributes 1,000 dollars per month, it will take 22 years before this huge debt is repaid.

U.S. debt problem is a man-made catastrophe. The malfunctioning of American democracy, with both the Democratic and Republican parties prioritizing short-term political interests over the long-term fiscal health, has led to excessive spending, contributing to the escalating U.S. debt. 

On the other hand, in pursuit of maintaining global dominance, the United States consistently ramps up its defense budget, seeking "military freedom." In the fiscal year 2024, the U.S. will allocate $886 billion for military expenditures, reaching a record high. The U.S. government, at the expense of the well-being of its citizens, supports its ambitions for global expansion and ideological confrontation. 

According to a recent poll by Fox News, over three-quarters of registered voters believe that the economic situation in the U.S. is unfavorable. Despite this sentiment, American politicians remain preoccupied with political calculations, dismantling the "eastern wall" of livelihoods to reinforce the "western wall" of military power. This not only poses risks and unrest within American society but also introduces more uncertainty to the world.


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