[theold]

According to The Associated Press, the ballooning of the national debt in recent years was accelerated by heavy borrowing under both Biden's administration and former President Donald Trump's, followed by the surge of inflation that pushed up interest rates after the COVID-19 pandemic.

https://www.foxnews.com/politics/biden-a...4-trillion

[maxsanic]

According to The Associated Press, the ballooning of the national debt in recent years was accelerated by heavy borrowing under both Biden's administration and former President Donald Trump's, followed by the surge of inflation that pushed up interest rates after the COVID-19 pandemic.

https://www.foxnews.com/politics/biden-a...4-trillion

In a sense nobody and everybody is to be blamed for this fatal problem. Both parties and each President since Clinton has done nothing but pile on to the problem. The American public at large has gotten addicted to binge credit spending as well and do not want to change.

Anyway, the situation has long ago surpassed commonly accepted best practices on fiscal prudence. The entire US government finances are fueled by the amortization of their sovereign credit rating, no politician has any hope of reversing that.

Not only is there no sign of reversal, the rate of debt increment has been accelerating. That is why the entire world is distancing itself from USD, but the rate of adoption of an alternate currency order is too slow for comfort.

The Euro has no growth prospects and is fraught with risk of EU disintegration. The CNY currently is not liberalized enough for wide scale adoption, the GBP and JPY is too small with limited growth prospects and their respective backing nations are too weak on the global stage to ensure global trade stability.

This a classic scenario of everybody knowing an upcoming train wreck but are otherwise powerless to avert it.