WASHINGTON — The United States arrived at the G20 this week to warn other countries about unsustainable economic models, distorted trade relationships and dangerous global imbalances while carrying a national debt of roughly $40 trillion.
Treasury Secretary Scott Bessent is expected to urge major economies to reduce structural distortions, improve fiscal discipline and stop pursuing policies that shift economic costs onto everyone else.
The message will be delivered by a government that spends trillions more than it collects, runs persistent trade deficits, periodically intervenes in bond markets and issues the reserve currency used to finance the arrangement.
U.S. officials criticized countries that rely excessively on exports, subsidies or currency management to preserve domestic prosperity.
America’s preferred model relies instead on consumption, borrowing and the continued willingness of the rest of the world to accept pieces of paper promising repayment by future Americans.
“Global imbalances cannot continue indefinitely,” one Treasury official said, before returning to a financing schedule designed around the assumption that they can.
Washington also called on other governments to confront politically difficult reforms rather than postpone them.
Congress was not believed to be included in the recommendation.
Officials emphasized that U.S. debt remains uniquely sustainable because it is denominated in a currency the United States can create, an advantage generally described as monetary credibility when America does it and irresponsible policy when anyone else tries something similar.
The G20 session on fiscal responsibility will conclude shortly before Treasury asks investors for several hundred billion dollars more.
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