Mounting U.S. debt is a “time bomb”

Cartoon by Ma Hongliang.

The U.S. federal government’s total public debt has reached $35.001 trillion as of July 26, surpassing $35 trillion for the first time, according to data released by the U.S. Department of the Treasury.

As a matter of fact, the U.S. government has already hit its debt ceiling to $31.4 trillion in January 2023. The average debt per person in the country has also kept rising. Currently, the average American debt is over $100,000 per person.

The mounting U.S. debt not only puts the country’s long-term economic growth potential at risk but also weighs down global economic progress. It is like a ticking time bomb, threatening the global economy with hidden dangers.