Countries like the US have accumulated way to much government debt in recent years!
US government debt alone stands at $35 trillion or about 124% of GDP! Reckless and unsustainable!
"~$100 trillion
The forecast size of global government debt this year if budget policies are unchanged, the IMF said. It’s driven by large increases in borrowing by the U.S., China and other countries. The IMF expects government debt to almost match annual world output by the end of the decade. Spending cuts and tax rises of an unprecedented size would be needed over the coming five to seven years to stabilize or reduce debt."
"Global public debt is elevated. It is projected to exceed US$100 trillion in 2024 and will rise over the medium term. This chapter shows that risks to the debt outlook are heavily tilted to the upside. In a severely adverse scenario, global debt is estimated to be nearly 20 percentage points of GDP higher three years ahead than the baseline projection, reaching 115 percent of GDP."
"... with the world’s two largest economies, China and the United States, largely driving the increase ..."
Two countries stand out, the US and China
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