According to the data of the U.S. Treasury Department, the total U.S. national debt has now exceeded $34 trillion, setting a new record. And in just three and a half months, the US national debt has increased by another trillion dollars. This means that the U.S. federal ** is adding huge amounts of debt every day. Behind this rapid growth is a hint that the US economy is in a vicious circle.
If we deeply analyze the reasons for the rising scale of the US national debt, first of all, due to the huge scale, the interest payment of the United States has accounted for about one-third of the fiscal revenue. This has put the US economy in a difficult position. Second, the high spending budget of the United States, such as the defense budget and social welfare spending, has also led to no room for the US debt to fall. In addition, during the pandemic, the United States** also implemented large-scale fiscal stimulus, which further pushed up the level of the national debt. The long-term maintenance of the United States' foreign deficit and the existence of a debt circulation system have also plunged the United States into a vicious circle. Coupled with the Fed's successive interest rate hikes, it has further increased the burden of **. Together, these factors have led to an increase in the size of U.S. debt.
The original article mentions that Treasury Secretary Janet Yellen plans to visit China again, trying to strengthen communication with China in various fields and deepen mutual trust and cooperation against the backdrop of tensions between China and the United States. Yellen wants to understand China's challenges such as local debt and real estate markets, as well as its strategy for dealing with unexpected economic weakness. This has important implications for U.S. policymakers.
Chinese Ambassador to the United States Xie Feng said that China will unswervingly promote high-quality development, and there is great potential to strengthen China-US cooperation, bringing more opportunities to enterprises from all countries, including the United States. China also expressed its willingness to work with the United States to uphold the principles of mutual respect, peaceful coexistence and win-win cooperation to promote the sound and steady development of bilateral economic and trade relations. However, China also stressed that the US should match its words with its deeds and not impose sanctions on China while reaffirming cooperation. The premise of cooperation is that both parties express goodwill and sincerity of cooperation.
The total U.S. national debt exceeds $34 trillion, equivalent to 120% of U.S. GDP, putting enormous pressure on both the economy and society. Economic growth in the United States is expected to slow down in the new year, reaching only 1About 5%. As the world's number one reserve currency, excessive U.S. borrowing could have an impact on the global economy.
U.S. Treasury Secretary Janet Yellen has warned that if the U.S. defaults on its debts, it will have serious consequences and will hit the U.S. and world economies hard. Therefore, the United States urgently needs to stabilize its relations with China, especially in the economic and trade fields. The United States** has been seeking dialogue and communication with China, but the current sanctions have not improved the situation. Therefore, for Yellen's second visit to China, how to implement the consensus reached at the high-level meeting between the two sides is directly related to whether the cooperation can achieve substantive results.
The rising size of the U.S. national debt shows that the U.S. economy is facing serious challenges. This debt crisis not only puts enormous pressure on the U.S. economy and society, but may also have an impact on the global economy.
Against this backdrop, U.S. Treasury Secretary Janet Yellen plans to visit China again in an attempt to strengthen communication and cooperation in the context of tense relations between China and the United States. China also expressed its willingness to work with the United States to promote the sound and steady development of bilateral economic and trade relations. However, in order for cooperation to be achieved, both parties need to show goodwill and sincerity in cooperation.
For the United States, a stable relationship with China is especially important in the current situation. The United States** is increasingly aware that dialogue and communication are the key to solving problems, not through sanctions and confrontation. Only if the two sides can cooperate in good faith can we alleviate the US debt crisis and bring hope to the US economy.
In summary, the rising US national debt is one of the serious challenges facing the US economy. The purpose of Yellen's visit to China is to strengthen communication and cooperation with China in the fields of economy and trade, and to seek solutions to common challenges. China expressed its willingness to cooperate with the United States, but stressed the need for both sides to match their words with deeds. How to implement the consensus reached by the two sides and achieve substantive cooperation will play an important role in alleviating the US debt crisis.