Despite the seeming return of growth, there is no doubt that the US economy is still extremely weak and in a state of perpetual crisis, whether of internal origin or those set off by events elsewhere. However, President Barack Obama prides himself on the current state of the economy from the many mentions made in the State of the Union address last week.

But the fact that the economy retains fundamental weaknesses is not a hasty conclusion, but is based on figures issued by various official institutions which operate a “meter” on the accelerating public debt and pushing the economy closer to an abyss with each passing day. By the time a reader finishes this column, the US public debt will have increased by $2 million (Dh7.3 million), or equal to $720 million a day.

In 1980, public debt did not exceed $1 trillion or 33.6 per cent of GDP. But, at present, it has exceeded $18.1 trillion, almost 70 per cent of which is foreign debt, which translates into 104.3 per cent of GDP or approximately twice the security rate of 60 per cent.

In contrast, trade deficit ranges between $200 billion to $500 billion each year, which diminishes Washington’s ability to rectify its financial situation, and even complicates it year after year. This means the US will still be able to survive thanks to the debt, as every US citizen is indebted by $56,500. But if the debt is limited to economically active citizens or tax payers, this amount will reach $154,000 per person.

China and Japan comes in first and second on the list of its largest creditors as owners of US Treasury bonds, followed by some European, Arab and Asian countries.

The US will soon face the same situation it faced in 2011 in its inability to borrow because the debt ceiling would have reached its highest level. There are only two options before its government stakeholders — either the US Congress has to raise the ceiling again or declare bankruptcy.

And even if the Congress decided to raise the debt ceiling, this cannot continue forever, since this solution acts as a painkiller, not a cure. It is common in medical practice that painkillers could worsen the condition of the patient if the person is not diagnosed properly.

In short, this means the bankruptcy of the US may be a matter of time, since raising the debt ceiling is the only solution for the US to get out of the crisis. Consequently, many countries will suffer severe losses, particularly China and Japan, the second and third largest economies in the world. This situation will pose a threat to the global economy as a whole, and may lead to many other crises that could last years.

However, there could be light at the end of the tunnel, which would be if the US gives up its position as the only superpower in the world. This can be done by cutting military spending and which adds heavily to the federal budget. In stead, the US must channel more resources to the productive sectors and reduce reliance on foreign debts.

However, this is highly unlikely to happen because of the arbitrary nature of US capital, which only seeks quick and huge profits. It was the same mindset that led to the recent global financial crisis.