US debt crisis

The growing rivalry between the world’s two largest economies, the US and China, is at risk of becoming a ‘financial war,’ a former Chinese finance minister says.

President Trump has applauded the latest jobs report and its positive effect on stock markets as critics unleashed on him for his failed promise to tame the US government spending spree that pushed the national debt over $23tn.

Some 2.5 million US college students are reportedly “seeking arrangement” with older adults in hope of avoiding the yoke of student debt. With college costs out of control, monetizing desperation has become an industry.

A new report suggests that the real US debt level may be $400 trillion, or 20 times higher than the country’s gross domestic product. The calculation includes government, state, local, financial and so-called entitlement debt.

US mortgage debt has hit a record in the second quarter of 2019, exceeding the peak it reached during the 2008 financial crisis. However, delinquencies are lower and debt defaults have become less frequent than in 2008.

US federal debt is projected to soar in the next 30 years, reaching 144 percent of GDP by 2049, according to a report from the Congressional Budget Office (CBO) released on Tuesday.