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America's $33 trillion in debt has surpassed its total assets, and debt is growing rapidly.
China is one of the largest holders of U.S. Treasuries, but instead of bailing out, it dumped U.S. bonds for four months.
The U.S. government seems overly optimistic about the debt problem, but Wall Street economists predict more than $10 trillion in interest costs over the next decade
。 The crux of the question is in whose hands this huge debt will fall.
America's greed and short-sightedness have led to its current predicament, and it needs to re-examine its fiscal strategy or risk being dragged down by this huge debt.
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