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The American national debt has reached record levels exceeding $37 trillion, amidst rising concerns about the implications for the financial and economic stability of the United States and the world. This alarming increase is attributed to a combination of structural factors, primarily the aging population and rising healthcare costs, which place immense pressure on long-term government spending programs such as health insurance and retirement. Concurrently, servicing the public debt through interest payments has become the fastest-growing item in the budget, expected to consume over $13 trillion in the next decade, which could undermine the government's ability to fund its future priorities. This is accompanied by serious warnings from prominent economists, who believe that the American financial system is approaching a critical point that could witness a crisis of confidence in the dollar and Treasury bonds, especially given the declining international enthusiasm for holding these bonds, as seen recently with some central banks. Additionally, the continued issuance of high-yield bonds to cover the deficit deepens risks and threatens the stability of the entire debt market. Despite the government's efforts to contain the situation through regulatory measures and tax reforms, solutions appear limited without clear political will to rein in spending and restore budget balance.
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