Pro-crypto lawyer John E. Deaton has highlighted potential for growing debt and shrinking GDP in the United States, a situation that could mean well for Bitcoin (BTC).
US Economy In Visible Turmoil
As earlier seen in a media piece from The Washington Post, Deaton outlined how the Congressional Budget Office projects that the national debt will soar to $50.7 trillion within the next ten years.
“A decade from now, the Congressional Budget Office projects national debt will soar to $50.7 trillion and account for 122% of the GDP, by 2034, up just over $2 trillion from the group’s February estimate of $48.3 trillion and 116% of the GDP, per The Washington Post.”
Career… https://t.co/MIzFSLeARv
— John E Deaton (@JohnEDeaton1) June 19, 2024
This figure will account for 122% of the GDP that would be attained by 2034. This figure is up by just over $2 trillion from the February estimate of $48.3 trillion and 116% of the GDP. The metrics reflect a significant rise in debt and a plunge in GDP. Unfortunately, the gloom potential of such economic outlook could translate into inflation.
Similarly, the U.S. Bureau Of Labor Statistics released data on the most awaited U.S. Consumer Price Index (CPI) on June 12. The U.S. CPI remains unchanged at 0.3% in May. The market was anticipating the inflation to cool at 0.1% for the month. Despite the surge, on a yearly basis, the CPI inflation cooled to 3.3% in May from 3.4% in the preceding month.
These data could mean that a…
