JAKARTA – The founder of Tesla and SpaceX, Elon Musk, recently revealed the economic condition of the United States (US). According to him, the US economy is currently experiencing a recession.
Musk predicts the recession will likely get worse until it lasts for 12 or 18 months. The figure who dubs himself the "Technoking of Tesla" explained the cause of the recession, namely inflation.
Reporting from Bitcoin.com News, Elon Musk discussed the US economy in the All-in podcast published on Monday, May 16. Commenting on whether the US economy is in recession, Musk said:
“We may be in a recession and that recession will get worse, but these things pass and then there will be more boom times… Maybe it will be tough, I don't know, a year, maybe 12-18 months.”
He adds that 12 to 18 months is roughly the amount of time for a correction to occur. Recession fears have risen recently as the Federal Reserve tightens monetary policy to help cool inflation.
According to Musk, recessions aren't necessarily a bad thing, stressing that he's been through some of them in his time at public companies.
"What tends to happen is, if you have a boom that lasts too long, there's going to be a capital allocation error – it's going to rain on the fools," he explained.
"The honest reason for inflation is that the government is printing billions more dollars than it has ... It's not like, you know, super complicated," he added.
Musk added that countries like Venezuela are experiencing inflation and recession.
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