Like its awful treatment of future generations because of its reckless stance on climate change, America is placing a huge debt burden on those same people.

US leadership is so cowardly, it’s failing to make polluters pay.

Wealthy oil and natgas corporations have so much money they don’t know what to do with it. So they buy back shares.

Now the US government — taxpayers effectively — have reached the point where the debt is so huge, they have to borrow to make repayments.

Ray Dalio, founder of the world’s largest hedge fund, Bridgewater Associates, says the $34 trillion in debt may continue to rise — quite rapidly. (Yahoo! Finance)

“We are at a point in which we are borrowing money to pay debt service,” Dalio said in an interview with CNBC.

finance.yahoo.com/news/near-inflection-point-billionaire-ray-114500973.html

Excerpt:

[The hedge fund legend explained that if a country’s debt were to grow faster than its income, its debt service would be “encroaching” on its spending. And if the country wanted to maintain its current level of spending, it would need to “get more and more into debt.”

“The way that works, it accelerates,” he said.

He added that the problem is exacerbated by America’s internal political issues and social conflicts.

Dalio is not the only one to point out the connection between U.S. politics and fiscal health. Moody’s Investors Service recently changed its ratings outlook for the U.S. from “stable” to “negative.” It warned that “continued political polarization” in Congress may heighten the risk of lawmakers failing to achieve consensus on a fiscal plan to “slow the decline in debt affordability.”

Will interest rates go higher?

Since the U.S. Federal Reserve began raising interest rates in March 2022, many borrowers have experienced the burden of higher monthly payments. Should interest rates persist in rising, it poses significant challenges for a country grappling with nearly $34 trillion of debt.]

The US seems to be preparing for a fraught economic crisis:

https://x.com/gospaceforce/status/1731017901413408788?s=46&t=4GXQezLCTz4c9vehe5x4tw

In reality the US is extremely rich. All it needs to do is tax the wealthy and its greedy corporations properly.

Because it has let bad economic structure run on and on and on for so many decades, this won’t be easy.

But it has no choice.

Wasteful Americans — only 4% of the global population — are most responsible for climate change by a long way.

So countries at COP28 … don’t buy it if America’s climate envoys try to “cry poor” over the next two weeks.