Rising U.S. Debt Is the Mirror of Rising Chinese Debt

Both Washington and Beijing treat rising debt as a consequence of irresponsible behavior by local institutions. But in China and the United States, rising debt is spurred by policies that have encouraged distortions in the distribution of domestic income. Until these distortions are addressed, both countries must choose between rising debt and rising unemployment.

https://carnegieendowment.org/chinafinancialmarkets/90358