US National Debt Set to Skyrocket by $20.18 Trillion, Paul Tudor Jones Raises Concerns over Impending ‘Debt Bomb
The Congressional Budget Office (CBO) projects a staggering increase in the US national debt, expecting it to exceed $50 trillion within the next decade.
Their latest report anticipates the national debt to soar to $54.4 trillion by 2034. Currently standing at $34.22 trillion, this projection implies an alarming $20.180 trillion surge in just 10 years, as per the US Treasury Department. Amidst these forecasts, hedge fund billionaire Paul Tudor Jones issues a stark warning of a looming “debt bomb” explosion.
Jones, in a CNBC interview, describes the US economy as functioning “on steroids,” fueled by excessive borrowing and spending, leading to a substantial budget deficit of 6% to 7%. He cautions that while productivity may temporarily mask the issue, the economy is on an unsustainable trajectory, with the looming threat of a collapse under the weight of massive government debt.
Clever Robot News Desk 12th February 2024
