Tesla CEO Elon Musk trusts the U.S. economy is moving toward a downturn yet he made sense of why it is “actually a good thing.” Musk has assessed that the impending downturn will last 12 to 18 months.
Elon Musk Discusses U.S. Recession
Tesla and Spacex CEO Elon Musk shared his contemplations on the U.S. economy and the impending downturn in a progression of tweets Thursday.
Responding to whether or not “we’re approaching a recession,” he replied: “Yes.” However, Musk noted, “this is actually a good thing.”
The Tesla supervisor made sense of that “It has been raining money on fools for too long,” focusing on that “some bankruptcies need to happen.” He expounded: “All the Covid stay-at-home stuff has tricked people into thinking that you don’t actually need to work hard. Rude awakening inbound!”
His downturn tweet followed a proclamation he made last week, expressing that the U.S. economy is “probably” in a downturn. He cautioned that things “will get worse,” and assessed that the downturn could last 12 to 18 months.
“The honest reason for inflation is that the government printed a zillion more money than it had,” Musk further commented.
A developing number of venture banks have cautioned about a downturn. Goldman Sachs Senior Chairman and previous CEO Lloyd Blankfein as of late said we are going towards a downturn, encouraging organizations and people to plan for it.
In expansion, Blackrock, the world’s biggest resource director, advised in an examination note this week that the Federal Reserve’s endeavors to increment financing costs to balance record expansion might set off a downturn. “If they hike interest rates too much, they risk triggering a recession. If they tighten not enough, the risk becomes runaway inflation. It’s tough to see a perfect outcome,” Blackrock detailed.
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