U.S. Faces Bankruptcy Risk, Says Elon Musk
Billionaire CEO of Tesla and SpaceX, Elon Musk, has recently sounded the alarm for America’s financial security. During his appearance on podcast The Joe Rogan Experience the billionaire opened up about one of his major worries – the US national debt, which has recently reached $36.17 trillion. Using some figures demonstrating the unsustainability of the governmental expenditures, Musk emphasized that unless changes occur, the dollar might cease to exist at all.
This comes as interest payment on the debt which stands at 23% of government revenue, continues to rise. Out of the total revenues of $ 4.92 trillion of fiscal year 2024, interest payment was $ 1.1265 trillion. He reiterated that if such trends continue, the whole federal budget could end up being used only to pay interest without anything left for social requirements like the Social Security or Medicare.
Musk’s concerns have caused anxiety as to the financial future of America. They say that if nothing is done it is going to turn into a crisis, he underscored. His warning can be seen as a message to the policymakers to act in order to solve the emerging debt problem before it results in the economic failure.
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