31.05.2023. / 11:59
WASHINGTON – Thirty-one billionaires are currently richer than the US Treasury, which had just $38.8 billion in cash at the close of business on Friday.
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Finance Minister Dženet Jelen warned that, if the borrowing limit is not raised by June 5, the US will not repay its debts for the first time in history, which will cause a shock in the world economy.
According to the Bloomberg Billionaires Index, 18 Americans are actually richer than the country they call home, including Tesla CEO Elon Musk, Amazon founder Jeff Bezos, Microsoft co-founder Bill Gates and Oracle co-founder Larry Ellison.
“Googlers” Larry Page and Sergey Brin can also boast that they are richer than their country, as well as the Walton family, which is behind the supermarket chain “Walmart”, reports RT Balkan.
Bernard Arnault, CEO of French conglomerate LVMH, knocked Musk out of the top spot after the SpaceX founder bought Twitter for $44 billion, later commenting that it wasn’t a “financially smart” idea for him.
Last weekend, US President Joseph Biden and Speaker of the House of Representatives Kevin McCarthy reached an agreement in principle on raising the debt ceiling, but many in both parties expressed objections to some parts of the agreement.
If the debt limit is not raised by June 5, Washington will not be able to meet its obligations and pay back $92 billion, forcing them to choose which obligations to honor.
Economic experts expect that the priority will be the payment of interest on the huge debt of 31.8 trillion, while pension and health insurance payments will be paused. Independent
Source: Capital.ba – Informacija je capital by www.capital.ba.
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