A post on X claimed that at some point 100 percent of American taxpayers’ money would be used to pay interest on the national debt. Responding to this, Elon Musk said that America may soon go bankrupt.
America, the world’s largest economy, is in danger of poverty. It’s not us, says Tesla CEO Elon Musk. By posting on social media platform X, he has advised the people here to spend less.
Indeed, a post on Ax claimed that at some point 100 percent of American taxpayers’ money would be used to pay interest on the national debt. Responding to this, Elon Musk said, ‘America may soon go bankrupt. The people here should reduce their expenses otherwise they will soon become bankrupt.
Elon Musk agreed with this post
One user said in the post that it is good to see these numbers for the next few years. Personal income tax accounts for almost half of the government’s revenue. In February of this year, the United States government received 120 billion dollars in personal income tax revenue. In February, they had to spend $76 billion to cover the interest on the national debt. The time is not far off when interest on loans will be paid entirely through personal income tax.
Is a US recession likely?
American billionaire banker Jamie Dimon says that the possibility of recession in America is not far away. At the same time, the Chairman and Chief Executive Officer (CEO) of JPMorgan Chase said, ‘I think the chances of a soft landing in the next one or two years are half. Stagflation would be the worst-case situation.
Jamie Dimon explains the US Federal Reserve’s decision on whether interest rates should be lowered. He said that the economic situation worsened due to the Corona epidemic. Unemployment in the United States is currently very low, wages are increasing.
Jerome Powell, the chairman of the Federal Reserve, stated, “The central bank is getting closer to lowering interest rates.” We are awaiting more proof that inflation will stay at two percent. It would be reasonable to begin reducing the level of restrictions if we are certain that we are not far from it.
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