{"id":35089,"date":"2024-07-30T05:51:12","date_gmt":"2024-07-30T05:51:12","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/galaxy-digitals-mike-novogratz-warns-of-looming-us-debt-catastrophe\/"},"modified":"2024-07-30T05:51:12","modified_gmt":"2024-07-30T05:51:12","slug":"galaxy-digitals-mike-novogratz-warns-of-looming-us-debt-catastrophe","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/galaxy-digitals-mike-novogratz-warns-of-looming-us-debt-catastrophe\/","title":{"rendered":"Galaxy Digital’s Mike Novogratz Warns of Looming US Debt Catastrophe"},"content":{"rendered":"

(Originally posted on : Crypto News – iGaming.org )<\/b>
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Galaxy Digital CEO Mike Novogratz has sent out a severe warning regarding the direction that US government spending is now taking. The billionaire brought attention to the concerning rise in government spending under both the administrations of former President Donald Trump and current President Joe Biden in a recent appearance on Bankless. He emphasized that the nation could become bankrupt as a result of this unsustainable expenditure.<\/p>\n

Novogratz pointed out that the federal budget, as a percentage of GDP, is now at 26%, whereas it should be around 20%. This discrepancy translates to an additional $1.5 to $2 trillion more than what should be spent, creating a significant budget deficit. He explained, \u201cWhat do you think the federal budget is this year as a percentage of GDP? It\u2019s 26%. It\u2019s supposed to be 20%. So 6%, it\u2019s literally almost $1.5 trillion to $2 trillion more than they\u2019re supposed to be able to spend and we\u2019re not taxing enough. We\u2019re taxing 20%. That leads to a 6% budget deficit. Who\u2019s going to pay for that? Your grandkids or your kids\u2026\u201d<\/em><\/p>\n

A Political Hot Potato<\/strong><\/h2>\n

According to Novogratz, the only viable solution to address this deficit is to cut entitlements such as Medicare, Medicaid, and Social Security. However, he is skeptical that any politician will take on this challenge. \u201cAnd so the only way to stop that is to cut entitlements. What are entitlements? Medicare, Medicaid, and Social Security. No politician wants to tell the old people, you don\u2019t get the money you paid in for, you don\u2019t get your hip replacement. We have the most inefficient medical system in the world. And those three things eat up almost all this money.\u201d<\/em><\/p>\n

Novogratz believes that the increasing debt and excessive government spending will drive investors towards Bitcoin as a hedge against dollar debasement. He stated, \u201cSo why I\u2019m so optimistic Bitcoin is really unfortunate. I\u2019d rather our government deal with the crappy finances so we don\u2019t bankrupt our grandkids, because we will. We are bankrupting this country. Mark my freaking words. We don\u2019t have the political will to do anything about it. The Democrats don\u2019t. The Republicans don\u2019t.\u201d<\/em><\/p>\n

At a time of fiscal uncertainty, Novogratz\u2019s warning underscores the urgency for a sustainable financial strategy to prevent long-term economic damage.<\/p>\n

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(Originally posted on : Crypto News – iGaming.org ) Galaxy Digital CEO Mike Novogratz has sent out a severe warning regarding the direction that US government spending is now taking. The billionaire brought attention to the concerning rise in government spending under both the administrations of former President Donald Trump and current President Joe Biden […]<\/p>\n","protected":false},"author":35,"featured_media":35090,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/35089"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/35"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=35089"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/35089\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/35090"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=35089"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=35089"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=35089"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}