As the Obama administration comes to a close, the administration leaves the US with the highest national debt the country has ever seen, approaching 20 trillion dollars. Richard Wolff, professor of economics at The New School, says that following the bailout in 2008, the government did not want to raise taxes to match the costs of the stimulus package that would be used to kick-start the economy. Instead, the government borrowed the money from foreign governments such as China and Japan. Wolff states that the process of receiving foreign loans is only a short term solution and does not eliminate the country’s economic problems as it only further drives the country into debt. RT’s Manilla Chan reports.
Donald Trump’s $20 Trillion Problem
The 45th President of the United States will have to deal with many pressing issues including immigration, foreign policy, and the economy. But for many, one issue looms above all others: how will Donald Trump deal with the $20 trillion U.S. national debt?
How much aren’t Americans being told?
Flashback 2013 – ‘US hides real debt, in worse shape than Greece’
The US national debt is twenty times higher than is officially reported, approaching $222 trillion, and today’s children could soon be paying their parent’s debts, reputed American economist Laurence Kotlikoff told RT.