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The U.S. national debt just hit a staggering $35 trillion in July, and Nobel Prize-winning economist Michael Spence is sounding the alarm. In an exclusive interview with CGTN, he warned that unchecked government liabilities could trigger 'catastrophic consequences' for the global economy.
'This isn’t just a number on a spreadsheet—it’s a ticking time bomb,' Spence said, comparing the debt surge to 'maxing out the world’s biggest credit card.' Younger generations, already navigating inflation and housing challenges, could face even steeper financial hurdles if the trend continues.
Why should *you* care? The U.S. dollar’s dominance means debt shocks could ripple through Asian markets, tech startups, and even travel economies. Spence urged policymakers to prioritize 'sustainable solutions' and cross-party cooperation—before it’s too late.
TL;DR: While Washington debates budgets, Spence’s warning is a wake-up call for young professionals, investors, and anyone with a wallet. Stay tuned for updates!
The U.S. national debt just hit a staggering $35 trillion in July, and Nobel Prize-winning economist Michael Spence is sounding the alarm. 
In an exclusive interview with CGTN, he warned that unchecked government liabilities could trigger 'catastrophic consequences' for the global economy.
'This isn’t just a number on a spreadsheet—it’s a ticking time bomb,' Spence said, comparing the debt surge to 'maxing out the world’s biggest credit card.' 
Younger generations, already navigating inflation and housing challenges, could face even steeper financial hurdles if the trend continues.
Why should *you* care? The U.S. dollar’s dominance means debt shocks could ripple through Asian markets, tech startups, and even travel economies. Spence urged policymakers to prioritize 'sustainable solutions' and cross-party cooperation—before it’s too late.
TL;DR: While Washington debates budgets, Spence’s warning is a wake-up call for young professionals, investors, and anyone with a wallet. Stay tuned for updates! 
