The Washington Post published an article by retired Admiral Bill Owens in which he wrote that the growth of the US public debt poses a serious threat not seen in the country since World War II.
The article stated: “The biggest threat to US national security is the growing burden of public debt, a problem that has escalated dramatically in the 21st century.”
He adds that Washington’s spending over the past two decades has exceeded its gross domestic product, with much of that spending financed by loans.
Since 2000, the share of US government debt in gross domestic product has more than doubled, from 55 percent to 122 percent, and is expected to rise to 200 percent by mid-century.
The article pointed out that “The United States is currently suffering from stagflation, certainly not on the level of the recession that took place in the seventies, but nevertheless accompanied by a debt burden, as was the case during the Second World War.”
According to the US Treasury Department, the US national debt in October exceeded $31 trillion for the first time in history, with the majority of debt holders being individuals worth more than $24 trillion, and debts to foreign governments amounting to almost $7 trillion.