People in the U.S. are completely terrified of what Trump and Musk are doing, especially poorer people who live hand to mouth and have no savings. Imagine you were working for the government and just got out of college and Musk laid you off and have $100,000 in student loans and all you had was your paycheck to support yourself with no savings because of College.
What do you do now? Declare Chapter 13 Bankruptcy? And even then you can't get rid of Student loans only the interest on those student loans. You still have to pay the whole thing back. Student Loans are NOT covered under bankruptcies.
However, unless you are homeless and unemployed with no resources at all don't declare a Chapter 8 bankruptcy because you can't even keep your car or house if you own one with a Chapter 8 bankruptcy.
How many thousands of Government workers will go bankrupt this year?
This will then cause chain reactions of bankruptcies of businesses as those bankruptcies cause bankruptcies which cause even more bankruptcies.
Especially where a lot of people living in the same area go bankrupt it will bankrupt thousands of other businesses in that area serving them nationwide. Because 80% of Government jobs are in all 50 States!
Because of what Trump and Musk are doing there likely will be more bankruptcies this year than ever in the history of the U.S. and a Great Recession or Great Depression likely will be the end result from all these bankruptcies.
Note: If you get laid off and have to declare a Chapter 13 Bankruptcy you usually pay back all your debts at around 10cents on the dollar. So, about 90% of your debts go away. However, only the interest from AFTER you declare bankruptcy goes away not before. But, the principle still is owed in total.
However, then those 90% of your debts likely will bankrupt some of the businesses you owe them to.
This is what Trump and Musk have created not you (unless you voted for Trump).
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