Schweikert warns: USA is threatened with bankruptcy due to exploding debts!

Schweikert warns: USA is threatened with bankruptcy due to exploding debts!

In an alarming appeal, Republican Congressman David Schweikert from Arizona has warned of an impending US bankruptcy. As chairman of the Joint Economic Committee (JEC), he has identified rapidly rising national debt as a serious threat to economic security. His latest comments come at a time when the country's debt has increased by over $535.4 billion in just six weeks, from $36.998 trillion on August 8 to $37.533 trillion on September 15.

Schweikert emphasizes that the growing debt-to-GDP ratio is threatening investor confidence, limiting investment in both the private and public sectors and increasing borrowing costs. This could have a negative impact on economic growth, for which economic forecasts predict a long-term real growth level of between 1.8% and 2%.

Urgent need for action

In a letter to the US Budget Committee, Schweikert recommends several measures to address the debt problem. He urges immediate action to avoid fiscal insolvency and its catastrophic consequences. Recent efforts in Congress include measures to avert drastic tax increases, optimize investment incentives and reduce inefficiencies in federal spending.

To ensure sustainable growth, Schweikert suggests, among other things, prioritizing high-skilled immigration policies, encouraging technological innovation, improving public health and enabling economic expansion.

All of these steps are part of a larger framework aimed at maintaining the stability of the US economy in the face of increasingly pressing challenges posed by national debt. Schweikert's warnings and suggestions could be crucial in providing the nation with a positive economic outlook and steering us away from a potential financial abyss. Further information can be found in a report by Daily Hodl.