American economist Peter Schiff warns that the United States may default on its debt in the near future, in light of the current debt ceiling issue. Schiff emphasizes that raising the debt ceiling will only exacerbate the overall economic problems in the United States and will not have any positive impact on improving the country’s public debt situation.
Schiff attributes this risk to the increase in US public debt, which is approaching $30 trillion, making it difficult for the US government to bear this debt and pay the due interests on it. It is expected that this debt will reach levels that have never been seen before in American history.
Schiff emphasizes that the solution to this problem is not in raising the debt ceiling, but in reducing government spending and working to increase revenues by stimulating economic growth and attracting investments to the United States. He warns that ignoring this problem could lead to serious repercussions for the American economy and the global economy in general.