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--->
Any moment now I am expecting John Cleese (a veteran of Monty Python) to jump out of the bushes and announce the creation of the Ministry of Silly Wars, with Donald Trump as the deranged leader. For you youngsters out there, Monty Python’s skit, The Ministry of Silly Walks, helped make the members of MP legends. I had to reference Monty Python because the line of bullshit the Trump administration is feeding the American people and the world about the amazing, obliterating US attack on Iranian nuclear sites on Sunday morning, is more ridiculous that all of the silly walks pictured in the following video:
My hopes that Donald Trump would finally act like a responsible adult are dashed. He’s a dangerous buffoon. While the team around him are working frantically to maintain the fiction that Trump has a vision and is calling the shots on the foreign policy front, he is careening around the globe like an out-of-control cue ball on a billiards table. It started a week ago… first, he claimed...
Tuesday marks the third anniversary of the launch of the Fujian, China's first aircraft carrier equipped with electromagnetic catapults. Official media said China is about to enter a three-aircraft-carrier era, with the Fujian expected to enter service by 2025.
After the launch of the Fujian on June 17, 2022, it carried out its first sea trial from May 1 to 8 in 2024. Since then, the Fujian has completed multiple sea trials, accumulating more than 100 days of sea trial, China Central Television (CCTV) News reported on Tuesday.
Wei Dongxu, a Chinese military affairs commentator, said that the aircraft carrier Fujian has been making steady progress in sea trials, and is expected to be commissioned within this year, CCTV News reported.
With a full displacement of more than 80,000 tons, the Fujian is the world's first conventionally powered aircraft carrier to feature electromagnetic catapult technologies, according to CCTV News. The report noted that it will carry a wide variety of carrier-borne...
Chinese President Xi Jinping said Tuesday that China and Central Asian countries have explored and formed the China-Central Asia Spirit, which features mutual respect, mutual trust, mutual benefit, mutual assistance, and the pursuit of common modernization through high-quality development.
Xi made the remarks in his speech at the second China-Central Asia Summit in the Kazakh capital of Astana.
Xi said that the Chinese side has decided to establish three cooperation centers and a trade facilitation platform within the China-Central Asia cooperation mechanism.
When addressing the summit, Xi said these institutions include the China-Central Asia poverty reduction cooperation center, the China-Central Asia education exchange cooperation center, the China-Central Asia desertification control cooperation center, as well as the China-Central Asia trade facilitation cooperation....more below
