Washington - Saba:
American businessman Elon Musk has warned that the United States risks bankruptcy and the inability to fund even basic services if it fails to address the rising public debt.
Musk wrote in a post on the “x” platform last night: “If we don't deal with the exponential growth of the national debt, there will be no money for anything, including basic services!”
According to the International Monetary Fund, the level of US government debt will reach 121% of GDP by the end of 2024, and will reach 131.7% of GDP in 2029.
At the end of last November, the US Treasury Department reported that the public debt reached an all-time high of over $36 trillion, and according to the IMF, by 2029 the level of US government debt will reach 131.7% of GDP, and by 2032 it will exceed 140%. The IMF has warned that this growth threatens both the US and global economies.
During US President Joe Biden's tenure, the national debt rose from 28 trillion in 2021 to the current record of over 36 trillion dollars.
The main reason for the accumulation of debt is the chronic deficit of the US state budget.
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