Elon Musk Warns US Faces ‘De Facto’ Bankruptcy If $37 Trillion Debt Not Tackled, Peter Schiff Says, ‘We Are Already Bankrupt’
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Billionaire entrepreneur Elon Musk Once again, the US raises concerns about the financial outlook, and is warned about terrible results in terms of interest in federal debt balloons.
What happened: On Tuesday, in a mission in X, Musk warned that the US has exceeded $ 37 trillion and that interest payments of this debt are now 25% of all tax revenues.
Quote a post by popular x account, Wall Street MavMusk says, “If this continues ,, then all tax revenues will finally go to serve the national debt,“ There is nothing left for anything else ”.
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The quoted article emphasizes the weight of the situation indicating that the total US government revenues is 5 trillion dollars of $ 5 trillion, while interest payments are now $ 1.2 trillion, while the government continues to spend $ 7 trillion per year and causes permanent and continuous growing deficits.
Economist Peter Schiff He responded to Musk’s duty, saying that the United States has already went bankrupt and that it was a matter of time before it was obvious for our creditors ”. Schiff then warns that “interest rates will rise to the point”, where debt service costs will exceed the total tax revenue.
“Fed will release illegal inflation to prevent it from happening, Sch Schiff said.
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Why important: Last month, Deutsche Bank’s Jim Reid If the financial situation is not corrected, he warned that the United States is facing “death with a thousand segments” and gradual trust erosion.
Musk, who chaired the Trump administration’s government department or Dogge, GOP’s budget agreement invoiceIt refers to tax cuts and “a disgusting disgust için for the“ big, ugly, pork -filled ”expenditure package.
