Former EU Advisor predicted the growth of US government debt

© RIA Novosti / Natalia to Seliverstova photobacteria in the USA. Archival photoFormer EU Advisor predicted the growth of US government debt© RIA Novosti / Natalia to Seliverstova the image Bank

The U.S. national debt will continue to grow until American political leaders do not conduct radical structural reforms in the government and in the financial sector, said RIA Novosti former consultant to the EU Paolo von Schirach (Paolo von Shirach).

The national debt for the first time crossed the mark of 20 trillion dollars on 8 September, when the US President Donald trump signed approved by Congress, the budget and raise the debt ceiling until 8 December.

«At the moment there is absolutely no sign that the administration of the tramp or Congress want to seriously reconsider the social programs that are the root cause of this systematic fiscal imbalance», — said Chairman of the Institute for Global Policy and Professor of international Affairs and Economics at the University of BAU in Washington Schirach.

According to him, the main responsibilities and the spending priorities of the Federal government was provided by the fact that the deficit was «locked» in the structure of politics and society. «The way forward to a sustainable global leadership of the USA does not exist, if the negative spiral of social spending/deficit/debt definitively won’t change,» warned Schirach.

«The deficits are structural. As a result, we continue to add to the national debt year after year. Deficits and therefore public debt caused by the inability to Finance basic social programs through tax revenues,» said Schirach.

In turn an analyst on wall street Charles Ortel told RIA Novosti that other countries can be much stronger to absorb the impact from the US debt ceiling, which exceeded the historical mark of 20 trillion dollars. According to Ortel, the US national debt is likely to have a major impact on the more vulnerable in the economic plan of the country. «Others will suffer much more than we (USA – ed.)», — he said.Former EU Advisor predicted the growth of US government debt© RIA Novosti, Integratiebeleid in fotomonster U.S. debt

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