Elon Musk says America is 'going bankrupt extremely quickly'September 13,2024 By America-Today
Billionaire Elon Musk warned Monday that the U.S. is on the fast track to defaulting on its debt, which continues to accelerate after topping a record $35 trillion just weeks ago. During a sit-down at the All-In Podcast's All-In Summit 2024 event, Musk was asked about his plan for a government efficiency commission, which he has agreed to lead if former President Trump wins a second term in the White House. "If Trump wins ！ and obviously, I suspect there are people with mixed feelings about whether that should happen ！ we do have an opportunity to do kind of a once-in-a-lifetime deregulation and reduction in the size of government," Musk said. "Because the other thing besides the regulations, America is also going bankrupt extremely quickly, and´ everyone seems to be sort of whistling past the graveyard on this one." Musk pointed out that interest payments on the national debt just surpassed the Defense Department budget and topped $1 trillion this year. "We're adding a trillion dollars to our debt, which our kids and grandkids are going to have to pay somehow," he said, noting that the interest payments are rising rapidly, so eventually "the only thing we'll be able to pay is interest." "It's just like a person at scale that has racked up too much credit card debt," Musk said. "This does not have a good ending, and so we have to reduce the spending."
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