Make no mistake, the US is suffering a debt crisis. It is, of course, not an acute emergency like Argentina’s multiple defaults this century or Greece’s woes in the 2010s, but it has the characteristics of a chronic disaster that everyone can see coming, but the administration never does enough to avoid.The most relevant measure of US federal government debt, that held by the public, has risen from $US3.4 trillion in 2000 to $US32.3 trillion ($45 trillion) now, or a rise from 33.7 per cent to more than 100 per cent of GDP in just over 25 years.Financial TimesSubscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles
Lessons from America’s drip-drip debt crisis
Cutting pensions and healthcare for the elderly is difficult and undesirable. This and future US administrations should raise revenues in the least damaging way.
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