The rapid growth in U.S. government debt is being financed by domestic U.S. entities, not foreign governments, and that shift poses risks to economic growth.
Fox News contributor and The King's College economics professor Brian Brenberg reacts to November's ADP report.over the last 15 years has been fueled not by lending from China and Japan but through the purchase of treasuries by U.S. financial institutions, state governments and other domestic entities.
In late 2010, shortly after the housing crisis, federal debt owned by the public totaled $7.8 trillion, and close to two-thirds of that represented lending from Japan, China and other foreign nations. By the summer of 2022, total debt owned by the public more than tripled to $23.9 trillion – a jump of $16 trillion that was mostly financed by U.S.
Analysts say the shift in who lends to the U.S. government in part reflects the waning interest that foreign nations have in financing the ever-expanding U.S. debt. For those reasons, the U.S. has turned to domestic lenders, a move that analysts said will likely have serious repercussions for U.S. economic growth. CRFB President Maya MacGuineas said locking up domestic funds to buy treasuries is athrough expanded economic activity even more daunting.
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