The US Treasury Department is now accepting Venmo and Paypal payments from those who want to donate money to reduce the nation’s debt $ 36.7 trillion.
Digital payment platforms can be used after you have entered the “Gifts to reduce public debt” page in Pay.gov, noted Jack Corbett of NPR.
Expanding payment options comes amid the growing public concern over debt, which has increased from $ 19.59 trillion in 2010 to its current level, an increase of 87%, according to the Treasury Department.
The donation program has existed since 1996, with a total of $ 67.3 million contributed – an amount that remains negligible compared to federal debt.
Critics have questioned the value of individual donations to national debt.
Samson Mow, CEO of Bitcoin Jan3 technology firm, compared the attempt to “send Bitcoin to a combustion address”.
President Donald Trump recently adopted “Big, Beautiful Bill” is projected to add an additional $ 3.4 trillion to debt over the next decade, according to the non-partisan budget office.
The legislation fostered a public dispute between Trump and CEO of Tesla Elon Musk, who criticized the bill of debt -making bill by $ 5 trillion.
Despite the new pushing of the Treasury for public donations, the debt rate continues to ask questions about the sustainability of American fiscal policy and the effectiveness of such symbolic gestures.
Meanwhile, the founder of the Bridgewater Associates Ray Dalio is sounding the alarm, warning that the country is increasing the risk of a fiscal crisis unless urgent policy changes are made.
Dalio has repeatedly compared the assembly debt with the “tile in the arteries”, warning that the cost of debt service is “severely decreasing purchasing power”.
“We are spending 40% more than our income,” he said, adding that “we are approaching the point where we can only need to borrow to pay interest in our existing debt – this is the classic debt death spiral.”
According to Dalio, the US is approaching an inflation point where debt and interest liabilities can collect the government’s essential expenses.
He has called on lawmakers to reduce budget deficit from approximately 7% of GDP to 3%, an action he believes can be achieved with a mixture of costs and tax increases.
Dalio expressed concern about weakening investor confidence, citing declining bond sales, a weaker dollar and rising gold and net capital prices.
“If the budget deficit is not reduced to about 3% of GDP, debt supply will be much higher than demand,” he warned, adding that debt service costs will severely squeeze the government’s ability to spend. “
While he sees a low risk of an immediate crisis, Dalio estimates that the chance of a financial “trauma” caused by a sudden loss of confidence now exceeds 50% if no action is taken.
He has demanded Bipartizan cooperation, saying that early intervention is “much cheaper and less painful than waiting for a point of taking”.
Dalio continues to seek “two -party practice and collective sacrifice” to stabilize the fiscal trajectory before becoming uncontrollable.
The post has requested comment from the White House and the Treasury Department.
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