经济日报：发达经济体高债务模式难为继

Core Viewpoint - The global bond market is experiencing a collective sell-off driven by significant declines in U.S. and Japanese bonds, reflecting growing concerns over the sustainability of high debt levels in developed economies [1] Group 1: Debt Concerns in Developed Economies - Developed economies are facing a debt dilemma characterized by a reliance on debt-driven growth, leading to a "borrow new to repay old" dependency [1] - Aging populations are increasing welfare expenditures, with EU countries' social security spending approaching 30% of GDP [1] - Political populism in Europe is exacerbating fiscal rigidity through demands for expanded welfare [1] Group 2: Fiscal Policies and Debt Levels - Countries like the U.S. and Japan have significantly increased fiscal spending in response to the pandemic, geopolitical conflicts, and industrial competition, resulting in dangerously high debt levels [1] - The current turmoil in the bond market highlights the harsh reality that the "borrow new to repay old" strategy is becoming untenable as high interest rates expose fiscal vulnerabilities [1] Group 3: Future Implications - The era of relying on debt expansion for economic growth in developed nations is nearing its end, suggesting an impending need for a prolonged fiscal clearing and restructuring of financial order [1]