Trump used his Truth Social posts to list the ‘tremendous damage’ he claimed Biden had brought on the U.S., describing himself as ruling over ‘hottest nation anywhere in the world’
Sort of wrong metric. It gets weird in China because of the blurred lines between their government and private enterprise.
China’s official government debt is only 98% of GDP so slightly lower than the US right now and a lot less than the US is projected to be by end of 2026 (125%).
However China’s total debt, which includes both public-private enterprise (which their government effectively controls), and household debt, is around 330% of GDP. A lot of people use the total debt figure since it makes more sense for their economic structure but it’s not really “right”.
If we want to take the USA by the same metric, the government debt of 124% pales in comparison to the US total debt of… 719%.
Except that’s 600% of private enterprise and household/consumer debt which is not really government controlled and does not have a direct impact on the government’s solvency.
My take would be China, at least when they do government spending its on infrastructure, energy, transit, etc. The US spends on…military and AI, oh and don’t forget private socialism for giant corporations.
Sort of wrong metric. It gets weird in China because of the blurred lines between their government and private enterprise.
China’s official government debt is only 98% of GDP so slightly lower than the US right now and a lot less than the US is projected to be by end of 2026 (125%).
However China’s total debt, which includes both public-private enterprise (which their government effectively controls), and household debt, is around 330% of GDP. A lot of people use the total debt figure since it makes more sense for their economic structure but it’s not really “right”.
If we want to take the USA by the same metric, the government debt of 124% pales in comparison to the US total debt of… 719%.
Except that’s 600% of private enterprise and household/consumer debt which is not really government controlled and does not have a direct impact on the government’s solvency.
Chinese debt is largely domestic, so the government can pay it when it’s convenient or choose not to pay it at all.
Who’s winning, if anyone at all?
Going by government, it’s only a ~25% difference; domestically it’s twice as worse in USA, but that’s not what governments are concerned about.
My take would be China, at least when they do government spending its on infrastructure, energy, transit, etc. The US spends on…military and AI, oh and don’t forget private socialism for giant corporations.
The US spends on private socialism?
In the form of subsidies and grants, 100%