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02-02-2022, 09:19 AM
By Matt Egan, CNN Business
Updated 2148 GMT (0548 HKT) February 1, 2022
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Government borrowing accelerated during the Covid-19 pandemic as Washington spent aggressively to cushion the economic blow from the crisis. The national debt has surged by about US$7 trillion since the end of 2019.
......
the latest debt milestone comes at a delicate time as borrowing costs are expected to rise.
......
"It doesn't mean a short-term crisis, but it does mean we are going to be poorer in the long term," said David Kelly, chief global strategist at JPMorgan Asset Management.
Interest costs alone are projected to surpass US$5 trillion over the next 10 years and will amount to nearly half of all federal revenue by 2051
......
The federal government now owes almost $8 trillion to foreign and international investors, led by Japan and China. Eventually, that will need to be paid back, with interest.
"That means American taxpayers will be paying for the retirement of the people in China and Japan, who are our creditors," said Kelly.
......
"Our current fiscal posture is a result of many years of fiscal irresponsibility from both parties. What's required to get us out of this situation is honesty and leadership from our elected officials," Peterson said.
......
"The polarization of our government and, to some extent, our population, makes implementing solutions more difficult," said Peterson. "If we don't get our fiscal house in order, all these other concerns like climate, inequality and national security will be made more difficult."
https://edition.cnn.com/2022/02/01/econo...index.html
Updated 2148 GMT (0548 HKT) February 1, 2022
......
Government borrowing accelerated during the Covid-19 pandemic as Washington spent aggressively to cushion the economic blow from the crisis. The national debt has surged by about US$7 trillion since the end of 2019.
......
the latest debt milestone comes at a delicate time as borrowing costs are expected to rise.
......
"It doesn't mean a short-term crisis, but it does mean we are going to be poorer in the long term," said David Kelly, chief global strategist at JPMorgan Asset Management.
Interest costs alone are projected to surpass US$5 trillion over the next 10 years and will amount to nearly half of all federal revenue by 2051
......
The federal government now owes almost $8 trillion to foreign and international investors, led by Japan and China. Eventually, that will need to be paid back, with interest.
"That means American taxpayers will be paying for the retirement of the people in China and Japan, who are our creditors," said Kelly.
......
"Our current fiscal posture is a result of many years of fiscal irresponsibility from both parties. What's required to get us out of this situation is honesty and leadership from our elected officials," Peterson said.
......
"The polarization of our government and, to some extent, our population, makes implementing solutions more difficult," said Peterson. "If we don't get our fiscal house in order, all these other concerns like climate, inequality and national security will be made more difficult."
https://edition.cnn.com/2022/02/01/econo...index.html
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