Billionaire investor Leon Cooperman has issued a warning about the US economy heading towards a financial crisis. He believes that the nation’s rapidly increasing debt of $34.3 trillion is the primary factor that will eventually lead to an economic downturn. The debt is escalating at an uncontrollable rate, making it difficult for lawmakers and the Federal Reserve to rein it in.
The US presidential elections approaching in November, and both candidates, Biden and Trump, have differing views on how to manage the nation’s finances, which could potentially alter the economic landscape. Cooperman criticized Biden’s economic policies, blaming them for the surging debt over the past three years. He expressed doubts about Biden’s capabilities as a leader to steer the economy in a different direction in a short period of time.
Cooperman also cautioned that if measures are not taken to address the ballooning debt, the US economy will likely face a financial crisis. In addition to this challenge, he criticized Trump’s decision to withdraw from Iran nuclear deal and re-impose sanctions on Iran as it could lead to an escalation of tensions with Iran and affect global oil prices negatively impacting economies worldwide including United States economy
In recent years, many experts have pointed out that tensions between Israel and Palestine are also growing tensions in Middle East region which may have repercussions on global equity and commodity markets potentially impacting US economy in various sectors such as tourism industry which heavily depends on international travelers and energy market which imports oil from middle east countries