The future President of the United States of America will face a ‘ticking fiscal bomb’ in the form of a colossal federal debt of the country, writes UnHerd. The article notes that at the same time, presidential candidates have no plan to reduce it.
‘During Donald Trump’s recent shift at McDonalds, a $35 trillion burger was not on the menu, but this is the dish that the United States will dine on regardless of who becomes president in January,’ the UnHerd piece said.
UnHerd emphasised that if the US fails to deal with the national debt, it ‘risks facing a lot of turmoil both at home and abroad’.
The publication recalled that in just five years, the States’ debt has grown by $12 trillion, and since 2007 it has soared from 34 per cent to 95 per cent of GDP. The increase in interest rates has already led to an explosive growth of interest payments on the national debt, and on its servicing the country will soon spend more than on defence.
Earlier, Russian President Vladimir Putin called Western ideas of a new world order hypocrisy. According to him, they are aimed solely at preserving the neo-colonial system, showing their essence in the form of ‘hypocrisy, double standards and claims’.
