Egyptian Economist Surprises US as Unable to Repay Unpaid Debts
Economist Mustafa Badra confirmed that the US Treasury Secretary’s statement to the world and Congress regarding the ceiling on the US national debt and the demand to raise it is an initial warning that could negatively affect American society.
The Egyptian economist added that the US Treasury Secretary’s statement indicates that the US is unable to pay its outstanding debts.
In a telephone interview with Egyptian Channel 1, he pointed out that there are many countries that cannot pay their foreign debts, and America has stepped in this line.
He continued, “The estimated amount the United States must borrow is about $31.5 trillion,” explaining that “in order for America to borrow this amount from overseas, Congress would have to approve it, but they would face intransigence.” Republicans.”
And US Treasury Secretary Janet Yellen previously confirmed that the US government’s failure to pay its debts would lead to a recession in the US economy and could lead to a global financial crisis.
And the minister added that all Americans will feel the consequences of these events and many will lose their jobs, and said, “If this happens, the cost of borrowing for us will rise, and every American will see the cost of borrowing rise as well.”