‘US economy headed China’s way as debt outpaces growth’ ...Middle East

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‘US economy headed China’s way as debt outpaces growth’
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Washington: The US economy seems to be heading the China way with a burgeoning debt outweighing slow growth as the spurt in federal spending since 2021 touches a whopping $8 trillion. Also, the dollar’s reign as the unipolar global currency is threatened with regional blocs in Asia and Europe wanting to trade in local currencies. The US economy could face a “long, slow grind” as huge debts take their toll. There has been $8 trillion in new federal spending since 2021. “Many nations have come to regret massive stimulus campaigns, as the resulting debts weighed on growth,” UK’s Financial Times reported. Americas “mini growth miracle” spurred by trillions of dollars in government spend may tur

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