tesla ceo elon musk raises concern over $35 trillion 'time bomb'
Entrepreneur, investor and one of the richest persons globally, Elon Musk has raised serious concerns over an apparent ‘financial emergency’ in the US. It comes as the federal government’s interest payments surpass $1 trillion annually.
The national debt has reached $35.7 trillion and could touch $36 trillion by year’s end. Speaking at a recent Donald Trump campaign rally, the Tesla CEO highlighted that interest payments currently consume 23% of all federal tax revenue.
The mounting debt crisis has triggered a shift to alternative assets. Bitcoin and gold rates have reached record levels. The cryptocurrency has approached $70,000 as investors increasingly consider it ‘digital gold’ amid rising inflation concerns.
The surge in national debt is primarily from the COVID-era stimulus measures that contributed to inflation, compelling the Federal Reserve to implement historic interest rate hikes. Current projections suggest continued deficit increases.
The Federal Reserve appears to be caught in a ‘nightmare scenario’ as it needs to balance inflation control and government obligations, all at the same time. Prominent investor Paul Tudor Jones has also raised alarm about a potential ‘debt bomb’.
The serious debt crisis in the US comes against a backdrop of raging debates over a number of national issues as the presidential election nears. Democratic nominee Kamala Harris and Republican nominee Donald Trump are looking to battle it out in November.
Over the last few years, newspapers have reported that migrant workers in the UAE and other Gulf countries have come…
Overseas Filipino Workers (OFWs) in Israel have once again found themselves on the frontlines of conflict, caught between their livelihoods…
Decades after decades, tea garden laborers in India have worked and lived in the farms without owning the land the…
There has also been a concerted global push on the side of the recent U.S. Executive Order against the Muslim…
The 2025 recommendations of the UN Migration Committee represent a change in the way governments are being encouraged to treat…
The economic growth of India has been supported by a labor force that is rather silent and unguarded. Millions of…
This website uses cookies.
Read More