Posted 3/3/2024, 11:00:00 AM
Wharton Expert Warns Soaring US Debt Could Spark Economic Crisis by 2025
- Wharton professor Joao Gomes warns US's $34 trillion debt could trigger economic crisis in 2025, interest rates could spike above 7%
- Calls for presidential candidates to address fiscal responsibility, but neither party likely to make it a big issue
- Foreign debt holders like China and Japan may stop buying US debt, causing "accident" with interest rates
- Mortgage rates above 7% will spur public to push for change
- Cutting spending only way to avoid crisis, but could cause "social unrest;" crisis will have global ripple effects