'America is going bankrupt extremely quickly': Elon Musk warns as national debt surpasses $35 trillion (WATCH)
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.
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FollowTesla 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.
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.
“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."
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.
