"The United States is drowning in a sea of red ink. With a national debt surpassing $33 trillion-a figure larger than the entire economies of China and Japan combined-the world's largest economy faces a reckoning decades in the making."

In examining how America reached this worrying point, [The Debt Trap] analyses the origins of the country's debt crisis, beginning with the tax cuts proposed during the Reagan years, the wars fought post-9/11, the financial bailouts of 2008, and the COVID-19 stimulus packages. Both parties of the government are at fault: Republicans for supporting expensive tax cuts and Democrats for adding unfunded benefits. Consequently, the US faces a debt-to-GDP ratio of over 120%, with interest payments surpassing defence spending. At the same time, a time bomb is set to go off for future generations. There are no clear-cut solutions in today's polarised world. Economists highlight the risk of inflation, currency depreciation, or spiralling debt, warning of the perilous debt situation. At the same time, legislators focus on winning public favour in the short term instead of working towards long-term stability.

The book also discusses the risks present on a global scale, highlighting that while 70% of the US debt is owned internally, foreign countries such as China and Japan have the capability to weaken markets and undermine dollar dominance by using their holdings. At the same time, necessary funding for infrastructure, education, and climate change is halted, which are critical focused areas as federal budgets are consumed by the debt. Can a way be found?

Addressing socially sensitive topics such as entitlement programme reforms and spending cuts, [The Debt Trap] explores the level of restrictive spending required to reverse the debt crisis. It also questions whether the US can be kept from becoming the cautionary tale in the ongoing saga centred around debt crises by drawing comparisons with deeply indebted Germany and modernised Greece.

The conclusion is quite clear: the use of the phrase "full faith and credit" suggests that America may undergo an unprecedented test in the very near future unless decisive actions are taken.

"Synopsis" may belong to another edition of this title.

PBShop.store UK

Fairford, GLOS, United Kingdom

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AbeBooks seller since June 11, 1999

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Item	10 to 20 business days	10 to 20 business days
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**Please note our transit times are from the date of dispatch.** We first started out as “The Paperback Exchange,” a chain of physical bookstores where we would part exchange your beloved books for new stories to transport you to faraway places. However, as shopping started to evolve to online shops and marketplaces, we bid our stores goodbye to become “PBShop.” This transition has only allowed us to blossom as we now ship thousands of titles to book lovers across the globe. We pride ourselves in being a community of local book lovers which allows our passion and devotion to shine in everything we do. In 2020 we not only celebrated our 20th birthday but our 1st birthday as being completely employee owned after becoming an E.O.T in September 2019. We are proud to be different and embrace standing apart on a book mountain by working from a virtual inventory which allows us to provide thousands of books that may be difficult to get for your bookshelf or your studies. Working with a number of different suppliers allows us to explore other avenues such as puzzles, sheet music and even stationery so we really do have something for everyone. Life is about being versatile in all realms of existence. If this is your first purchase with us, or you are a returning customer, we would like to welcome you to the PBShop family, for there is no friend as loyal as a book. We are a company who put our customers at the centre of everything we do as we understand the importance of reading because once you learn to read, you will forever be free. There are a whole lot of things in this world of ours that we are yet to explore, which is why we will forever inspire curious minds.…

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The Debt Trap

Item description from seller

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Synopsis