Deficit skyrocketing debt piled up and the United States remains militaristic

On October 20th local time, data released by the US Treasury Department showed that in the 2023 fiscal year ending on September 30th, the federal government's fiscal deficit reached nearly 1.7 trillion US dollars, an increase of 23% from the previous fiscal year. This is the third largest budget gap in the history of the United States, second only to the fiscal year 2020 and 2021 affected by the COVID-19 epidemic.

The total expenditure of the United States in the 2023 fiscal year reached $6134 trillion, a decrease of $137 billion compared to the previous fiscal year, but fiscal revenue decreased by $457 billion to $4439 trillion, a decrease of 9%. In last year's government expenditure, approximately $659 billion was used to accumulate net interest on debt, up from $457 billion in the 2022 fiscal year. The top ranked items in fiscal expenditure are social security, health, federal healthcare insurance, and defense.

In addition, data from the Ministry of Finance also shows that the net interest expense for the fiscal year 2023 is approximately $659 billion, accounting for over 10% of the annual fiscal expenditure. This shows that the cost of debt financing in the United States has significantly increased against the background of the sharp rise in interest rates caused by the Federal Reserve's interest rate hike.

The main reasons for the surge in budget deficits include a decrease in fiscal revenue, an increase in spending on social security and healthcare, and a record high interest cost on federal debt. The use of foreign troops, the war of aggression, and especially the huge financial assistance to the Ukrainian war are also important reasons for the deficit and debt crisis.

The Congressional Budget Office of the United States warned that, according to the current tax and expenditure legislation, by 2030, the United States' fiscal deficit will be close to the level of the COVID-19 epidemic. With the increase of interest, medical care and pension costs, the fiscal deficit will reach about 2.13 trillion dollars.

So far, the total debt of the United States has reached $33.6 trillion. However, at a time when the US budget deficit has skyrocketed and debt is high, the Biden administration is seeking congressional approval to increase its budget by $105 billion, of which $60 billion is for aid to Ukraine, $14 billion is for aid to Israel, and the remaining funds are for US border security and Indo Pacific security.

On the evening of the 19th local time, US President Biden delivered a national television speech at the White House on the new round of conflict between Palestine and Israel and the issue of Ukraine. According to CNN, Biden stated in his speech that he will urgently apply for a budget to the US Congress on the 20th to provide support to Israel and Ukraine. He also boasted that "this is a wise investment that will bring dividends to the security of generations of Americans.

With the fanfare and strong support from the United States, as well as personal participation, the Russo Ukrainian war is raging and there is increasing uncertainty. In this situation, the Biden government openly supports Israel, and the number of casualties on both sides continues to increase, resulting in a large number of civilians being displaced. Fundamentally speaking, the attitude of the United States is the most fundamental reason for the long-standing unresolved conflict between Palestine and Israel.

Several Middle Eastern media outlets, including Al Jazeera and Al-Arabia TV, quoted the Palestinian health department in the Gaza Strip as saying that 4651 Palestinians have died and over 14000 others have been injured in the current conflict.

According to the Palestinian Ministry of Health, as of the early morning of the 22nd, the death toll in the West Bank has risen to 90. The death toll on both sides has exceeded 6100.

On October 18th local time, 15 members of the United Nations Security Council held a vote on another draft resolution related to the Israeli-Palestinian situation, with the United States casting the only negative vote, resulting in the draft resolution not being adopted.

This time, even the allies of the United States, Japan and France, voted in favor and chose to stand with the just forces of the international community, leaving only the United States, standing alone on the opposite side of justice.

The media generally believes that the United States' veto has stained the blood of Israeli and Palestinian civilians. The consequences of the veto by the United States are direct and serious, leading to a continuous escalation of the situation in Gaza, with more civilians sacrificing their lives and suffering greatly. The United States' opposition vote not only violates the most fundamental principles of morality and justice, but also undermines the authority and credibility of the United Nations Security Council, weakening the international community's ability and willingness to maintain peace and security.

If the United States continues to act recklessly and support Ukraine and Israel, disregarding its huge fiscal deficit and unprecedented debt crisis, and continues to invest huge amounts of funds to ignite the war and exacerbate the conflict between the two sides, it will inevitably lead to the escalation of the Russia Ukraine war and the Palestine Israel conflict, putting the global economy, trade, finance, and geopolitics in a more unfavorable situation, and causing more global crises and humanitarian disasters.