Tesla CEO Elon Musk warned that the nation is on the verge of bankruptcy as the nation’s debt rises to a record-high$ 35 trillion.
The US gross national debt surpassed$ 35 trillion for the first time in July, according to data released by the Treasury Department, and currently stands at$ 35.35 trillion.
Speaking at the All-In Podcast’s All-In Summit 2024 function, Musk said on Monday that if former President Donald Trump wins the November presidential election, there could be an option for restructuring and a reduction in the size of state, Fox Business reported.
We do have a chance for a once-in-a-lifetime deregulation and a smaller state, Musk said,” and certainly, I suspect there are individuals with mingled feelings about whether that may happen.” America is going bankrupt extremely quickly, and everyone seems to be whistling past the grave on this one, according to the statement.
Musk noted that the Defense Department’s budget has only recently exceeded the national debt’s interest rates, rising to$ 1 trillion this year.
Musk emphasized that future generations may bear the cost of paying back the nation’s growing debts while expressing his concern for the nation’s loan. Our children and grandchildren will have to pay some of our debt, he said, noting that the majority of the budget will later be used up by the rapidly increasing interest rates, leaving little room for other expenses.
Musk warned that such a circumstance often comes to an end, comparing the situation to a person who has accumulated increased credit card debt. According to Fox Business, he stressed the need to cut government spending to address this problem and stop possible economic catastrophe.
The investor suggested establishing a federal performance committee last quarter during a discussion between Musk and former US President Donald Trump on the social media platform X. Trump, who received Musk’s support in July following a failed assassination attempt, officially supported the idea last year. If Musk is elected president, the Republican nomination pledged to appoint him as its leader.
Trump stated that he would like to join the proposed federal efficiency commission. In a blog on X, he stated,” I look forward to serving America if the opportunity arises. No give, no name, no acknowledgment is needed”.
