look news india
America, the world's largest economy, is in danger of bankruptcy. This shocking thing is being said by none other than Tesla CEO Elon Musk. By tweeting on the social media platform Twitter (X), he has advised the American public to reduce expenses.
In fact, a tweet on Twitter claimed that soon 100 percent of American taxpayers' money will be wasted in paying interest on the country's debt. Responding to this, Elon Musk said that America's debt may increase soon. People here should spend less otherwise they will soon become unhappy.
Elon Musk agreed with the tweet
One user said in the post that these figures are good to see for the next few years. Personal income tax accounts for about half of government revenue. As of February, the US government collected $120 billion from personal income taxes. They had to spend $76 billion in February to pay interest on the national debt. We are not far from the day when 100 per cent of personal income tax will have to be paid to pay the interest on the loan.
Is there a possibility of a recession in America?
American billionaire banker Jamie Dimon says that the possibility of recession in America is not remote. So, the chairman and chief executive officer (CEO) of JPMorgan Chase said, 'I think the chances of a soft landing in the next year or two have halved. The worst case scenario would be recession due to inflation.
Jamie Dimon also spoke openly about the US Federal Reserve's decision to cut interest rates. He said that the economic situation has worsened due to the Corona epidemic. Unemployment in America is currently very low, wages are increasing.
Federal Reserve Chairman Jerome Powell said, 'The central bank is getting closer to cutting interest rates. We are waiting for the next assurance that inflation will remain at two percent. When we are confident that we are not far from it, it would be appropriate to start bringing back the level of restrictions.