Peter Schiff, a prominent gold advocate and vocal critic of Bitcoin BTC/USD, has raised concerns about former President Donald Trump‘s recent promise of a Mars landing. Schiff’s critique draws parallels between current economic challenges and historical spending on space exploration and social programs.
What Happened: In a post on social media platform X, Schiff stated, “The reason we had so much inflation during the 1970s was the deficit spending during the 1960s on the Great Society, the War on Poverty, the Vietnam War (we lost both wars), and going to the moon. Now, with the U.S. in worse financial shape, Trump has promised a Mars landing.”
Schiff’s remarks follow Trump’s recent declaration that the U.S. is leading in space over Russia and China, with plans to collaborate with Elon Musk to expedite a Mars landing before the end of his term.
Meanwhile, SpaceX and Tesla Inc CEO Musk has outlined ambitious plans for Mars exploration. Musk detailed a timeline that includes launching five uncrewed Starships to Mars within two years, with potential crewed missions in four years if these initial landings prove successful.
Musk emphasized the importance of making Mars travel accessible, stating, “We want to enable anyone who wants to be a space traveler to go to Mars!” He also expressed concerns about regulatory hurdles, noting that “the Starship program is being smothered by a mountain of government bureaucracy that grows every year.”
In response to Musk’s post, Schiff commented, “I have no issues with SpaceX going to Mars. I just don’t want the government to do it.”
Why It Matters: The debate over space exploration has intensified recently, with Musk facing regulatory hurdles for SpaceX. Rep. Kevin Kiley (R-Calif.) recently praised SpaceX’s Polaris Dawn mission but criticized bureaucratic obstacles. The mission, which launched on Sept. 10, saw a private crewed spaceflight reach the farthest distance from Earth since NASA’s Apollo program.
Additionally, Musk’s recent endorsement of Trump for the 2024 presidential race has added another layer to the political discourse. Musk, who previously leaned towards Joe Biden, now describes him as a “radical leftist puppet.”
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This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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