UNITED STATES, WASHINGTON (OBSERVATORY) — The total volume of private and public debt in the United States is almost 20 times higher than the official figures for the US public debt.
This conclusion was made by the experts of the American investment company AllianceBernstein, evaluating the volume of the US government debt, as well as corporate debts, financial derivatives of companies, household debts, as well as current and future social obligations of the US authorities.
CNBC has published the main points of the report, according to which the total US debt is estimated at 1832% of US GDP.
Philip Karlsson-Schlesack, senior economist at AllianceBernstein for the United States, said in a report that “the overall picture looks extremely difficult, but these figures do not prove that we are doomed and a crisis is inevitable.” At the same time, AllianceBernstein recognizes that “the US debt is huge and continues to grow.”
Various experts have repeatedly issued warnings about the risks associated with an increase in the US debt load.
Alan Greenspan, the former head of the Federal Reserve System, pointed out the negative consequences of the growth of US social obligations, which will only increase over time.
US Congressional Budget Office experts also warned that an increase in the debt burden is inevitable, since the US cannot reduce public debt due to economic growth.
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