Former U.S. Secretary of State Pompeo posted today: "The national debt has now surpassed $40 trillion—a stark and alarming milestone for anyone concerned about the nation's future. This is not merely a fiscal crisis, but a threat to national security. We have a responsibility to correct this situation for the next generation."
Comments: The U.S. has accumulated a staggering $40 trillion in national debt primarily due to years of overspending and insufficient taxation, with budget deficits continually financed through borrowing. On one hand, maintaining global military deployments and multiple overseas wars incur massive defense expenditures; social security and healthcare benefits, mandated by law, continue to rise with an aging population, making them difficult to cut. On the other hand, multiple rounds of large-scale tax cuts have shrunk government revenue, while financial crises and pandemics require massive funds for market rescue operations and direct subsidies. Moreover, partisan political competition during elections discourages either party from taking unpopular actions like cutting spending or raising taxes—leading to repeated increases in the debt ceiling. As old debts mature, new loans are needed just to pay interest, causing the debt to snowball over time. Furthermore, the unique status of the U.S. dollar enables America to borrow globally with relative ease, which in turn encourages long-term fiscal profligacy. The enormous U.S. debt imposes heavy annual interest burdens, crowding out other essential government spending, driving up domestic borrowing costs, and hampering economic growth. In the long run, it undermines the credibility of the dollar and limits America’s ability to exert global influence; if risks spread, they could even trigger global financial instability.
Original source: toutiao.com/article/1874088528125962/
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