Elon Musk has said: "We need to do something about our national debt or the dollar will be worth nothing

Elon Musk has said: "We need to do something about our national debt or the dollar will be worth nothing.

"America must halt its overspending or face bankruptcy," Musk stressed on Twitter.

His comments were triggered by a tweet highlighting the large portion of tax revenue being used to service the national debt. Economist E.J. Antoni noted, "It took 63% of all personal income taxes in Feb to pay the interest on the debt - no roads, no military, no schools, no social security."

"This is an astonishing figure to monitor in the coming years. Individual income taxes account for about half of government revenue. In February, the US government collected $120 billion from individual income taxes. They had to spend $76 billion in February to pay interest on the national debt. We are not far from a day when 100% of individual income taxes will be needed to pay for interest on the debt," the user said in the post.

US billionaire banker Jamie Dimon said the possibility of a recession in the US is not "off the table." The Chairman and Chief Executive Officer (CEO) of JPMorgan Chase said, “The world is pricing in a soft landing, at probably 70-80%. I think the chance of a soft landing in the next year or two is half that. The worst case would be stagflation.”

Discussing the US Federal Reserve's decision on whether to lower interest rates, Jamie Dimon said economic indicators have been distorted by Covid-19. He said, “They can always cut quickly and dramatically. Their credibility is a bit at stake here. Unemployment in the United States is very low at the moment, wages continue to go up.”

Federal Reserve Chair Jerome Powell said the central bank is nearing a decision to lower interest rates, adding, “We’re waiting to become more confident that inflation is moving sustainably at 2%. When we do get that confidence — and we’re not far from it — it’ll be appropriate to begin to dial back the level of restriction."