US Admiral Owens describes national debt as a threat to US national security
MOSCOW, November 20 – RIA Novosti. Rising public debt has become a serious threat to the United States, wrote Washington Times Retired Admiral of the Navy Bill Owens with David Walker, former Director of the Office of Government Accountability.
The most important threat to our national security is the growing public debt burden, an exponential problem in the 21st century.
Experts say Washington’s spending has grown faster than GDP over the past two decades, with much of that spending being financed by borrowing.
The article states that the share of US government debt in GDP has more than doubled, from 55 percent in 2000 to 122 percent, and will rise to almost 200 percent by the middle of the century.
“Today, of course, we cannot compare to the seventies, but we are experiencing stagflation with a debt burden, as during the Second World War,” the experts said.
In October, US public debt exceeded $31 trillion for the first time in history, according to the US Treasury Department. At the same time, most of the debt obligations are held by private individuals with over $24 trillion in accounts, and their debt to foreign governments amounts to about $7 trillion.
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