{
  "id": 1877655,
  "title": "Kommentar: Amerikas Schulden sind nicht länger ein „Free Lunch“ – mit brutalen Folgen",
  "url": "https://urgent.news/2026/08/19/kommentar-amerikas-schulden-sind-nicht-langer-ein-free-lunch-mit",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-19T06:14:53.000Z",
  "source": {
    "name": "Handelsblatt",
    "slug": "handelsblatt",
    "url": "https://www.handelsblatt.com/meinung/kommentare/kommentar-amerikas-schulden-sind-nicht-laenger-ein-free-lunch/100247429.html"
  },
  "original_language": "de",
  "account": "The last US President who practiced fiscal responsibility, Bill Clinton, turns 80 on Wednesday. It was not Donald Trump who turned 80 in June. That was the last time the US government earned more than it spent, back in 2001. The debt crisis plaguing the United States for over two decades is no longer a quiet affair. In bond markets, the rule is simple: the higher the demand, the higher the price, and the lower the return. The return, or yield, is the interest rate at which the US can borrow money from markets. US bonds have historically been known as the \"safe haven\" for investors, providing a sense of security. The yield investors expect depends on how likely they think a country will default on its debt. For a long time, the US could borrow money at low interest rates, thanks to its unique status and low interest environment. However, those days are gone. The yields on 10-year benchmark bonds have returned to crisis levels. The 30-year Treasury bond has been above 5 percent for nearly a month. A mix of record debt, inflation concerns, and competing AI bonds are driving the yields.",
  "summary": "Seit 2002 geben die USA mehr aus, als sie einnehmen. Die öffentlichen Finanzen steuern auf einen Teufelskreis zu, und das Finanzministerium wird zum Getriebenen der eigenen Schuldenlast.",
  "key_points": [
    "Bill Clinton's 80th birthday on Wednesday contrasts with recent US fiscal reality",
    "US debt crisis persists over two decades, no longer a 'free lunch'",
    "10-year bond yields return to crisis levels, 5% for 30-year Treasury"
  ],
  "editors_take": "The US's long-held ability to borrow at low interest rates has ended, as record debt, inflation concerns, and changing market dynamics drive up yields on government bonds.",
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}