The $34.5 trillion national debt of the United States is the “greatest domestic threat”. This was written by The National Interest magazine.
According to The National Interest, on 8 June, David Schweikert, vice chairman of the Joint Economic Committee, released the Republican response to the 2024 Economic Report. The report warns that the $34.5 trillion U.S. national debt, which continues to grow, poses a risk to economic growth and “the ability to borrow for future needs, including national security needs in a crisis.”
“The biggest risk to our financial health is the damage that debt problems do to our economy as a whole, the golden goose of our national strength. <…> To at least have a chance to properly manage costs, we need to put in place rules that limit politicians’ spending and require them to cut back when necessary, and without making specific tough decisions. This will give us a chance to save our economic future and preserve our superpower status,” the piece said.
The magazine focused on the fact that if the American fiscal policy and the national debt damage the potential for economic growth of the United States, America “will not have the economy necessary to ensure a strong national defence”.
The publication emphasises that 14 years ago, former Chairman of the Joint Chiefs of Staff Admiral Michael Mullen made a similar statement. He pointed out that economic performance is directly related to the state of US national security.
“As the debt is repaid, Admiral Mullen’s warnings are being vindicated. <…> The national debt must be exposed for what it is – one of the greatest domestic threats to America. If you don’t believe us, believe Admiral Mullen,” stated The National Interest.
Recall, earlier Asia Times wrote that according to research forecasts, the ratio of the public debt of the United States with the gross domestic product by 2034 will be 130%, at the moment 98%.
