The US economy could end up like China's as massive debt weighs on growth, market expert says

• The US economy could face a "long, slow grind" as huge debts take their toll, Ruchir Sharma wrote.
• There has been $8 trillion in new federal spending since 2021, he said in the Financial Times.
• "Many nations have come to regret massive stimulus campaigns, as the resulting debts weighed on growth." 

The trillions in stimulus spending that drove America's "mini growth miracle" may turn out to be a burden on the US economy eventually, Ruchir Sharma wrote in the Financial Times. 

The Rockefeller International chair noted the economy's surprising resilience in the face of aggressive rate hikes from the Federal Reserve, but warned the explosion in federal spending — and debt — under the Biden administration will eventually take its toll.