The United States (US) is in debt, and pro-XRP lawyer John Deaton is optimistic that three key solutions can help. According to earlier reports, the US government’s debt profile has surpassed $36 trillion for the first time in history. This figure makes the US the most indebted government in the world, a trend market leaders believe must change.
The John Deaton Solution to US Debt
In his post on X, John Deaton reiterated how the US pays $6 billion on a daily basis to service its debt in interest payment. He said convincingly that there is a formula to get out of the bogus mess.
First of all, he mentioned the role of the Department of Government Efficiency (D.O.G.E). This is a new commission that President Donald Trump has appointed Elon Musk and Vivek Ramaswamy to lead. This commission will help trim down government expenditure and cut out excess spending.
Beyond financial intervention by this duo, D.O.G.E will also weigh in on general oversight in government agencies. With billions in wasteful spending attributed to the outgoing Joe Biden administration, the Musk-led DOGE seeks to stir changes in this regard.
$36T and paying more than $3B per day in interest alone. There’s one formula to get out of this mess:
1) @elonmusk & @VivekGRamaswamy at @DOGE help get government spending under control;
2) we make our interest payments manageable;
3) while raising GDP.
We must GROW our way… https://t.co/5NKd9wxHtV
— John E Deaton (@JohnEDeaton1) November 15, 2024
Beyond this, John Deaton implied that the interest payment on the debt needs to stay manageable. Lastly, he said the country must find a way to grow its Gross Domestic Product (GDP).
The Role of Crypto In Boosting the Economy
The digital currency ecosystem has grown to become a $2.95 trillion. Many industry proponents believe this market is an untapped resource that can help the US in its economic recovery,
One of the major determinants of Donald Trump’s victory in the past election is crypto. Throughout his campaign, the President-elect maintained a pro-crypto stance. The idea is to create a thriving regulatory environment for industry players to innovate.
With this, crypto exchanges, hedge funds, and custodial services providers will generate businesses, pay taxes, and contribute to the economy. President Trump and his allies, like Senator Cynthia Lummis, are also pushing for a Bitcoin strategic reserve.
Based on the plan, this reserve will use government funds to buy 1 million BTC over the next five years. Ultimately, this might help in cutting the national debt by up to $16 trillion according to Michael Saylor.
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