Rising US public debt is a serious threat to the security of the United States, said retired Admiral Bill Owens in his article for the publication The Washington Times.
“The most significant threat to our national security is the growing burden of public debt, a problem that is growing exponentially in the 21st century,” – specified in the article.
The Washington Times also cites the arguments of the former director of the US Government Accountability Office, David Walker, and University of Colorado professor Barry Poulson. Over the past 20 years, America’s spending has grown much faster than the country’s gross domestic product, they said. As a result, Washington’s share of public debt has more than doubled since 2000, from 55 percent to 122 percent. And, as experts predict, it can reach 200 percent by 2050.
Experts specified that at the moment the States are experiencing stagflation, “not comparable to the one that was in the seventies,” but with a debt burden “like during the Second World War.”
Earlier it was reported that the US public debt exceeded 31 trillion dollars. The US Treasury has suggested that raising the country’s debt ceiling could lead to the collapse of the entire US financial system.
