Elon Musk has again attracted attention by tweeting that "America is going bankrupt." This statement came in response to a sarcastic comment by Billy Marcus, co-founder of Dogecoin, about the inefficiency of government spending. The US economy is indeed slowing, with GDP growing just 1.4% in the first quarter of 2024, down from 3.4% in the last quarter of 2023. Forecasts for the third quarter predict a further slowdown to 1%.
High prices and interest rates force consumers to spend less, which has a negative impact on the economy. Despite this, retail sales remain strong and the labor market shows stability, although unemployment rose to 4.1% in June 2024. Federal Reserve Chairman Jay Powell noted the stabilization in the labor market and did not rule out the possibility of lowering interest rates in September.
Economists at Vanguard and the Conference Board do not expect a recession in 2024, despite current economic difficulties and uncertainty surrounding the upcoming 2024 elections. The IMF is concerned about high US debt levels and potential trade tensions related to financing for Ukraine and Israel.
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