China's Debt_ Biggest China threat may be its economy

The State Journal

Biggest China threat may be its economy

Published 12:14 am Tuesday, November 8, 2016
By Jim Paxton, The Paducah Sun,


Americans worry for good reason about the national debt, which at $20 trillion and growing poses an obvious threat to national well-being.

The U.S. debt has doubled during President Obama’s eight-year tenure. The annual budget deficit spiked 34 percent in the fiscal year just concluded to $587 billion. The Congressional Budget Office projects that absent changes from the new president the nation will run deficits of $600 billion for the next several years.

U.S. interest rates are headed up as the Federal Reserve pursues a normalization policy. This will drive up the cost of servicing the debt over coming years, which will almost certainly trigger more borrowing by the government. The Social Security program is projected to go into deficit in 18 years; Medicare in 12. Washington’s likely solution: more borrowing.

It is a given that this will not end well. But bad as it all is, the U.S. is not in our view the biggest ticking time bomb in the global economy. That distinction goes to China.

READ MORE: http://www.state-journal.com/2016/11/08/biggest-china-threat-may-be-its-economy/

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