Will US become bankrupt and dollar's value fall? Why has Elon Musk said, “America is going bankrupt?” Details here
Elon Musk has once again dropped a bombshell. Now he has claimed on social media that “America is going bankrupt.” Though the SpaceX CEO has made this comment sarcastically, he may not mean it in a real sense. He took to social media platform X to reply to Dogecoin co-founder Billy Markus, who had sarcastically commented about his tax dollars funding government mishaps.
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US Economy: Slow growth rate
The US economy registered a meager GDP growth rate of 1.4% in 2023-24, a big drop from 3.4% in the last quarter of 2023. It has been estimated that the growth rate in the third quarter will not be good as well, rather it may slow down to around 1%. However, some economic analysts and experts feel that the economy may pick up later in the year, and touch a 2% growth rate if inflation and interest rates go down.
«US Economy cooling off»
According to MSN, attorney and investment banker Jay Powell believes that consumer spending is around around 70% of the U.S. economy. However, it has been cooling off for quite some time as spending has come down because people have burned down their pandemic savings and are now looking for cheaper options.
<div data-placement=«Mid Article Thumbnails» data-target_type=«mix» data-mode=«thumbnails-mid» style=«min-height:400px; margin-bottom:12px;» class=«wdt-taboola» id=«taboola-mid-article-thumbnails-111995173»>Will Federal Reserve cut rates?
The MSN has reported that Powell also believes that the labor market is stabilizing, and the Federal Reserve’s efforts to manage inflation are paying off. Considering these facts, he has
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