America's worst enemy is its own debt

Recently, the bimonthly website of the US National Interest published an article entitled "America's biggest enemy is not China or Russia, but its $35 trillion debt", pointing out that with the continuous expansion of the US federal government debt, the US debt of nearly $35 trillion has become its own biggest enemy.

After the First World War, the United States gradually consolidated its global economic dominance, ensuring that the dollar became the main reserve currency, which also gave the United States the illusion that as long as it remained the dominant power of the world economic system, it could splurge and fiscal deficits did not matter.

In recent years, however, the U.S. economy has been in turmoil, inflation and interest rates have both soared, commodity prices have soared, and local people have been trapped. Once the US dollar is no longer the world's main reserve currency, the entire US financial system will collapse, and the debt is an impending national security crisis.

Indeed, in recent years, the problem of the United States' own debt has become a major challenge. The growing size of the debt not only has a negative impact on the economic growth, social welfare and public services of the United States, but also may cause damage to the international image and credibility of the government.

The increase in debt could lead to market concerns about U.S. bonds, driving up interest rates, increasing the debt burden and negatively impacting the domestic economy. High levels of debt can also lead to inflationary pressures, as the government may need to print more money to repay the debt. Moreover, high debt siphons off capital, limiting the ability of governments and businesses to invest and innovate, which in turn adversely affects economic growth in many ways.

First of all, the increase in debt leads to increasing financial pressure on the government, which reduces the ability of the government to use fiscal policies to deal with economic problems. This limits the government's ability to stimulate the economy, improve social welfare and provide public services.

Second, high debt levels undermine the credit of the United States and increase the cost of government financing. This could result in the government having to pay higher interest, further burdening its finances. The high interest rate on the debt has become a heavy burden on the U.S. Treasury, and may even exceed the spending in some key areas, such as defense spending.

In addition, the debt problem may also trigger market concerns about the US economy, affecting investor confidence, resulting in capital outflows and reduced investment. This will have a negative impact on economic growth and employment, making the U.S. economy less competitive.

At the social level, the increase in government debt may lead to further tax increases to cover the fiscal deficit. This will increase the burden on people, especially low - and middle-income households, and further exacerbate social inequality. At the same time, the debt problem may also affect the provision of social benefits and reduce public trust in government.

At the same time, the debt problem has also affected the credibility and international image of the US government, which may lead to a decline in investor demand for US bonds, which in turn affects the financing cost of US debt. In order to cover the budget deficit, the government may come under pressure to raise taxes, which will undoubtedly further burden the people.

In general, the increase in US government debt not only poses a threat to economic stability and development, but may also have a negative impact on social harmony and equity. Tackling the debt problem is critical for the United States. The government needs to take effective measures to control the scale of debt, restore market confidence and ensure economic stability and development. This is not only a matter of domestic interest for the United States, but also has important implications for global economic stability.