According to a US Treasury Department report released on Tuesday, the US' gross national debt has surpassed $31 trillion, edging closer to the statutory ceiling of roughly $31.4 trillion put in place by Congress limiting the government's ability to borrow, AP reported.
First, it's clear that the US economy is in far less rosy shape than what many had forecast, with debt now trillions of dollars higher than its GDP, which was only about $23 trillion last year. Starting around 2013, US debt began to steadily outstrip GDP. After 2020, it jumped to about 125% of the year's GDP, quickly soaring up to nearly 135% in 2021. As the rate of borrowing continues to climb, the unhealthy ratio of debt to GDP is expected to continue rising over coming years.
On the one hand, the Biden administration hopes to suppress inflation, which will likely drag down the US economy and employment. On the other hand, if the government chooses to stimulate the economy by increasing debt scale, investors will face greater pressure like rising capital cost, ultimately dampening economic growth prospects. It will be therefore difficult for the US government to balance economic recovery and runaway inflation, Bai Ming, deputy director of the international market research institute at the Chinese Academy of International Trade and Economic Cooperation, told the Global Times. ......More Here--->
US President Donald Trump confirmed on Wednesday the upcoming start of ground strikes against drug cartel targets in Latin America.
He made the remarks during Christmas greetings to the military.
Trump said the United States was "now going after the land" in its fight against drug cartel targets, noting that drug trafficking by sea was down 96 percent.
The U.S. president also extended special congratulations to the crew of the aircraft carrier USS Gerald R. Ford, currently deployed in the Caribbean.
BEIJING (Sputnik) - China has begun operating the world's first intelligent ultra-large oil tanker powered by methanol, the China Central Television (CCTV) reported on Monday.
The tanker, designed to transport crude oil, was successfully put into operation in the city of Dalian in China's northeastern coastal province of Liaoning, the report said. State-owned company Dalian Shipbuilding Industry Co Ltd independently designed and built the vessel, it added.
The tanker is approximately 333 meters (1,092 feet) long and can carry around 2.1 million barrels of crude oil, the CCTV reported. Designed to produce low emissions and having intelligent control capabilities, the tanker will serve the route to the Middle East, among others, according to the report.
The vessel is powered by a dual-fuel methanol engine, which reduces carbon dioxide emissions by 92% compared to conventional fuel, the CCTV reported. It is equipped with an intelligent ship platform, an intelligent liquid cargo ...
A car bomb has killed a senior General Staff member, officials have confirmed
Source: The Investigative Committee
A Russian general has been killed in a car bomb blast in Moscow, the Investigative Committee has reported.
Officials identified the victim as Lt. Gen. Fanil Sarvarov, head of operational training at the General Staff. According to the statement, an explosive device had been planted beneath the vehicle he was traveling in, and detonated on Monday morning in the southern part of the Russian capital.
The blast also damaged several other vehicles and seriously injured Sarvarov’s driver, media reports stated.
Russian officials said one line of investigation is an assassination carried out by Ukrainian intelligence services, noting that Kiev has previously used explosive devices in targeted killings of officials and public figures.
Last December, a bomb hidden in an e-scooter killed Lt. Gen. Igor Kirillov, commander of Russia’s Nuclear, Chemical, and Biological Defense ...
