In recent times, the debt crisis in the United States has attracted widespread attention from the international community. Due to the special status of the US dollar, the development of the US economy has always been closely related to the world economy. Once the U.S. economy collapses, where will the world economy go? Among them, will China, as the large debtor of the United States, become the "scapegoat" of the US economic crisis? People are speculating about what is the reason for the debt of such a powerful economic power as the United States. Earlier, Dan Steinbork, a senior scholar at New York University and Columbia University Business School, published an article in the US media titled "The Contradictions of the Biden Doctrine: From China's Friction and Excessive Military Expansion to the US Debt Crisis", which deeply analyzed the current crisis situation in American society and issued an early warning to the US government.
Dan Steinbork pointed out that due to internal contradictions, "Bidenism" is fueling Trump-style "war on China", while its excessive military expansion is also leading to a debt crisis. What is the "internal contradiction" of the Biden administration? The Biden administration, cloaked in the cloak of "multilateralism," is still insisting on trade wars with other countries. Affected by the excessively absurd policies of Trump's tenure, people are full of expectations for Biden's inauguration, and the hope of American revitalization has been handed over to this "old politician". Unfortunately, Biden's performance is "changing the soup without changing the medicine", which makes people disappointed. Knowing that the various dangers of the Trump administration are becoming increasingly prominent, Biden still insists on inheriting Trump's foreign policy, especially the China policy, and ignores the unreasonable points in the policy. In some ways, this dooms the US economy to recover quickly.
At present, the problem that makes the Biden administration more worried is not external troubles, but internal troubles. According to relevant statistics, the amount of debt owed by the US government has reached 29 trillion US dollars, which is 126% of the US gross national product. As the world's largest economy, the debt of the United States far exceeds the size of its economy, which shows the amount of debt of the US government. What is even more worrying is that the US government, which has so much debt, will not be able to satisfy the people.
Because of the outbreak of the new crown pneumonia epidemic, American production enterprises have stopped work and production, resulting in a large number of American workers losing their economic income and falling into difficulties. Even if Biden and his "predecessor" Trump have issued $3.9 trillion in economic bailout funds, it is only "palliative rather than root". When people's livelihood problems arise, the government's support rate will naturally continue to decline. It is reported that Biden has become the president with the fastest decline in support in the history of the United States after World War II. How to regain popular support is probably Biden's biggest headache at present.