From the discussion it is clear that the government purports that the economy is improving, it is evident that the US economy is rapidly losing the preeminent position it held for the last decades. By taking into consideration nearly all measures of economic and financial wellbeing, it is evident that the US economy is rapidly declining comparable to other economies such as China. Although the international community still regards the US as a country holding a preeminent position in terms of economic and political factors, an in-depth examination of the country’s economic situation provides a contrary view.This paper discusses that the US economy is muddled by great debt, which is adversely impacting its economic situation. Comparable to China, the US has massive quantities of public debt. As a percentage of its GDP, the US has public debt of 73.0% and gross government debt as a percentile of its GDP stands at 102.94%. Both of these figures are extremely high for a country deemed to be the most economically successful country in the world. The figures essentially speak to the country’s detrimental political processes and administrative decision making, which plunge the country into greater and greater debt over time. As part of the US government’s ploy to revamp the country’s financial and economic position, the government instituted massive bailout strategies.
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