Trickle down effect of US borrowings

If you thought excessive indebtedness was a Pakistan-only problem, you were mistaken. Global public debt — both domestic and external — continues to increase rapidly, driven by cascading crises, as well as sluggish and uneven performance of the global economy. It hit a new ‘milestone’ last year: a staggering $97 trillion, up from $91.4tr in 2022 and $50tr in 2010. And more than a third of that comes from one country: the United States. The world’s largest economy has accumulated nearly $35tr in debt to finance its growing expenditures and soaring fiscal deficit. The US debt is so large that the International Monetary Fund (IMF) has sounded multiple warnings in recent months that growing US debt is putting the entire global economy at risk.