Debt has always been the ruin of great powers. Is the U.S. next?
wsj.com
wsj.com
>Grant would state to the Emperor:
>There is nothing a nation should avoid as much as owing money abroad… You are doubtless aware that some nations are very derious to loan money to weaker nations whereby they might establish their supremacy and exercise undue influence over them. They lend money to gain political power. They are ever seeking the opportunity loan. They would be glad, therefore, to see Japan and China, which are the only nations in Asia that are even partially free from foreign rule or dictation, at war with each other so that they might loan them on their own terms and dictate to them the internal policy which they should pursue
https://www.econ.kyoto-u.ac.jp/BHSJ2018/pdf/E09Austin_Busine...
I find it interesting that the US President was aware of the malign incentives around debt creation. Grant explicitly describes how would be issuers of debt were capable of fomenting international conflicts for their own benefit. Today that would be dismissed as a conspiracy theory.
The US's military spending currently exceeds the next nine countries.
Military spending as percentage of GDP (or of total government spending if you prefer that) is what counts if you want to measure the financial burden.