'America is going bankrupt extremely quickly': Elon Musk warns as national debt surpasses $35 trillion (WATCH)
By Sunita Iyer | First Published Sep 11, 2024, 8:10 AM ISTTesla CEO Elon Musk has issued a stark warning, suggesting that the United States is on a rapid trajectory toward bankruptcy, with the national debt accelerating beyond $35 trillion.
Tesla CEO Elon Musk has issued a stark warning, suggesting that the United States is on a rapid trajectory toward bankruptcy, with the national debt accelerating beyond $35 trillion. Speaking at the All-In Summit 2024 event hosted by the All-In Podcast, Musk emphasized the urgency of addressing the country’s financial situation, as the US gross national debt reached a record high of $35.35 trillion, according to Treasury Department data released in July.
"America is going bankrupt extremely quickly. The interest payments on the national debt just exceeded the defense budget. They are over a trillion dollars a year just in interest and rising."
一 Elon Musk pic.twitter.com/zUgUTRBph6
Elon Musk: America is going bankrupt extremely quickly 🚨🇺🇸
Elon Musk warns that America is quickly heading towards bankruptcy and must cut spending to avoid disaster.
He highlights that interest payments on the national debt now exceed the $1 trillion Defense Department… pic.twitter.com/Spf5X40Gks
Musk highlighted the increasing strain on the US budget, pointing out that interest payments on the national debt have now exceeded $1 trillion, surpassing the annual budget for the Department of Defense. The billionaire entrepreneur expressed concern over the long-term impact, stressing that future generations will be burdened with repaying the growing debt.
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“We’re adding a trillion dollars to our debt, which our kids and grandkids are going to have to pay somehow,” Musk remarked. He likened the US' financial position to an individual overwhelmed by excessive credit card debt, warning that such situations rarely end well.
During his speech, Musk underscored the need for significant reductions in government spending to avoid a potential financial catastrophe. He also noted the widespread complacency in Washington, describing it as "whistling past the graveyard," and called for urgent action to prevent the national debt from spiraling out of control.
Musk also speculated on the political future, stating that a potential victory for former President Donald Trump in the upcoming presidential election could present an opportunity for major deregulation and a smaller government. He suggested that Trump’s return to power might allow for "once-in-a-lifetime deregulation and reduction in the size of government."
"If Donald Trump wins, we do have an opportunity to do kind of a once in a lifetime deregulation and reduction in the size of the government."
一 Elon Musk pic.twitter.com/ZGw82vChPP
Musk’s comments come after a recent conversation with Trump on the social media platform X, where the Tesla CEO proposed the establishment of a government efficiency commission. Last week, Trump endorsed the idea and pledged to appoint Musk to lead the panel if he is re-elected. Musk confirmed his willingness to serve, saying in a post on X, “I look forward to serving America if the opportunity arises. No pay, no title, no recognition is needed.”
With the national debt continuing to rise, Musk's warning adds to growing concerns about the long-term economic stability of the United States.
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