US Government Debt Predicted to Rise to $50 Trillion by 2033
According to Bank of America analyst Michael Hartnett, the US government debt is predicted to rise to $50 trillion by 2033. This alarming state of our financial system may not be of concern to the majority of US citizens. However, the recent downgrade of the US from triple A to double A+ has caused a stir in government and banking circles.
The Unfair Downgrade
Treasury Secretary Janet Yellen expressed her confusion and disagreement with the downgrade, calling it “puzzling” and “entirely unwarranted”. Jamie Dimon, CEO of JP Morgan, dismissed the downgrade as “ridiculous” and claimed that the markets, not the Fitch rating agency, would determine its impact. While their protests may be expected, many are left wondering why Fitch made this decision.
The Ability to Print Money
The US government has the power to print money out of thin air, which contributes to the already astronomical national debt. Brad Sherman, an anti-crypto congressman, has used his influence to criticize Bitcoin and cryptocurrencies. When confronted with accusations of the US government doing the same thing, he admitted that they might and justified it by saying “we’re the US government”. Such views among congressmen and senators contribute to the impossible debt situation the US finds itself in.
From the Dollar to Bitcoin
While the US continues to add to its debt, Bitcoin offers an alternative. With its fixed supply and upcoming halving, Bitcoin provides a liferaft for those seeking to protect their wealth from currency debasement caused by excessive money printing. As the dollar sinks, expect more individuals to turn to Bitcoin for financial security.
Hot Take
The US government’s escalating debt and its ability to print money without consequences are alarming. The downgrade of the US credit rating and the dismissive response from financial leaders raise questions about the true state of our financial system. Bitcoin presents a viable alternative for those seeking to protect their wealth in the face of currency debasement. It is time for individuals to consider the limitations of traditional financial systems and explore alternatives like cryptocurrencies.
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