National Debt Surpasses $36 Trillion Record

 

Ladies and gentlemen, today let’s talk about some heart-racing news: the US national debt has surpassed 36 trillion dollars! This is no small figure, it's dauntingly large, resembling a bottomless pit that can barely be comprehended! Just how deep is this hole? What impact does it have on us? Let’s break it down today!

So, what does 36 trillion dollars mean? That is double the GDP of China! With over 300 million people in the US, that averages out to about 100,000 dollars in debt for every single person! This is no joke; many families don’t earn that much in a year! It’s like a ticking time bomb, and we have no idea when it will explode. On the surface, Americans seem well-off, but under this mountain of debt, life isn’t easy!

Four years ago, due to budget issues, the US government experienced a major “government shutdown” crisis, with both parties embroiled in endless arguments, resulting in a government standstill. Just a few years later, this debt pit has not been filled; in fact, it has only deepened. At the beginning of the year, it was 34 trillion, then 35 trillion in July, and now we are at 36 trillion! The speed of this growth is faster than a rocket! Even Treasury Secretary Yellen has stated that the debt issue poses the greatest threat to the US economy; I’m not just being alarmist here!

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Why is the US national debt increasing so rapidly? Simply put, it’s living beyond its means, spending extravagantly while income fails to keep up! With the highest military spending worldwide and numerous welfare subsidies, the gap can only be filled by borrowing. It’s like a group of people who live paycheck to paycheck, but insist on leading a luxurious lifestyle; the only way they can manage is by maxing out their credit cards, which leads to crippling debts!

 

What are the consequences of this massive national debt? Inflation! In order to repay the debt, the government has no choice but to print more money. With more money in circulation, everything becomes more expensive, which in turn devalues our money. Currently, inflation in the US is severe, prices are skyrocketing, and the populace is voicing their grievances, all linked to this soaring national debt! Rising interest rates! To attract buyers for national bonds, the government must increase interest rates, raising corporate financing costs, leading to reduced investment and slower economic growth. Ultimately, the dollar depreciates! The more national debt there is, the lower the credibility of the dollar becomes, prompting international investors to sell off dollar assets, resulting in further depreciation.

For the US, this debt crisis is a tumor, eroding economic health. For the global economy, it’s a gigantic whirlpool that could swiftly drag the world economy into a deep abyss. What implications does it hold for us in China? We are one of the largest creditors of the US, holding a vast amount of US debt. If the dollar depreciates, our US debt loses value, leading to significant losses! A downturn in the US economy will also adversely affect global trade, impacting our exports.

How should we respond to the US debt crisis? First, reduce our reliance on US debt and diversify our foreign exchange reserves; we can’t place all our eggs in one basket! We should invest in bonds from other countries, gold, oil, and other assets to spread the risk. Second, accelerate the internationalization of the renminbi; the stronger the renminbi, the greater our influence on the international stage, enhancing our ability to withstand risks. Third, continue to deepen reform and opening up to strengthen the internal dynamics of the Chinese economy; by becoming more robust, we can better resist external pressures.

 

The current situation in America resembles that of a young person who continuously borrows money to sustain a glamorous lifestyle, ultimately leading to insurmountable debts and inevitable bankruptcy. The US is indulging in its hegemonic status and overconsumption, which may ultimately lead to its decline.

Some might say that the US is the world’s largest economy, with a strong foundation, able to withstand such burdens. However, history teaches us that no empire can stand forever. Prosperity often precedes decline; that is a historical rule. The US's current issues are not merely economic but are also rooted in systemic and ideological problems. If the US fails to recognize its issues and does not engage in profound reforms, the debt crisis will only worsen, potentially triggering a global economic crisis.

As for us in China, we have consistently adhered to the path of peaceful development, committed to reform and opening up, which has led to steady economic growth and an enhancement of our comprehensive national strength. We are confident and capable of meeting various challenges and achieving the great rejuvenation of the Chinese nation! In this world filled with uncertainties, we must remain vigilant, enhance our awareness of risks, and be prepared to respond effectively.

 

The US national debt exceeding 36 trillion dollars is not just a number; it serves as a wake-up call, reminding us to remain vigilant, prepare for rainy days. As China, we must forge our own path and focus on our own affairs to secure a competitive edge in the future!