China has announced spending that will make its budget deficit the largest in 30 years. It’s the biggest attempt yet to lift a weak growth rate that is threatening Xi Jinping’s long-term ambitions.
HSBC chief Noel Quinn says countries risk being “hit hard” after allowing borrowing to balloon in the wake of the financial crisis and the pandemic.
The world’s governments,businesses and households owe a record $367 trillion,with calls growing for governments to help cut debt levels.
The massive wealth transfer that occurred during the pandemic is poised to cause problems. And Australia will not be immune.
The US is going to put trillions worth of new debt up for sale before the end of the year as it tries to rebuild its cash reserves. There is an issue,however.
The historic credit rating downgrade shines a light on how America’s bitterly divided,dysfunctional politics is playing a key role in its deteriorating financial position.
The putative accord between the White House and Congress does not even try to address the larger threat to the world’s largest economy. Sacred entitlements remain untouchable.
The US appears likely to narrowly escape a financial catastrophe with a debt ceiling deal,but the outcome does not justify the havoc that has been caused.
In its darker moments,the Andrews government might turn to Budget Paper No. 2 for solace,but are its forecasts of decreasing debt just wishful economic thinking?
The state has the largest debt of 17 similar states around the world. But the premier says quality of life would be “fundamentally compromised” if government spending were slashed.
Leading economists and credit agencies say while Treasurer Tim Pallas took steps in the budget to begin repairing the state’s finances,Victoria’s debt burden will not “decline meaningfully” soon.