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Influential economist Peter Schiff reshared a post by pseudonymous X user DogeDesigner about the escalating national debt crisis in the U.S.
What Happened: A popular member of the cryptocurrency fraternity who also works as a graphic designer in the Dogecoin (CRYTPO: DOGE) ecosystem, DogeDesigner pointed out that the interest on U.S. debt has crossed $1 trillion for the first time, citing a report by the Treasury Department.
He added that interest payments on debt have reached a staggering $1.05 trillion in the first 11 months of the fiscal year, marking a 30% increase from the previous year.
“Remember, government overspending is the real cause of inflation,” DogeDesigner argued.
The post was amplified by Schiff, a longtime critic himself of the administration’s policies on tackling debt and inflation.
In a YouTube video on Thursday, he highlighted how the Federal Reserve’s hawkish policy in recent years failed to bring down the government deficits, which were higher than $35 trillion as of this writing.
Schiff added that the Fed has actually been stimulative the whole time, while claiming to be restrictive.
Why It Matters: This revelation comes on the heels of a stark warning issued by Schiff earlier this week. The gold bug and Bitcoin (CRYPTO: BTC) skeptic expressed concerns about the U.S. economy, suggesting that the Fed’s widely anticipated rate cuts will not stave off a recession. He further stated that while short-term rates may decrease, long-term rates, inflation, and unemployment are expected to rise.
These concerns, coupled with DogeDesigner’s remarks, underscored the growing apprehension about the U.S. economy’s health and the potential impact of increasing debt and inflation.
Image via Shutterstock
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Posted In: $BTC
