Elon Musk, the American billionaire entrepreneur, has warned of the possibility of the United States falling into bankruptcy if urgent measures are not taken to reduce government spending. Musk shared his concerns on the “X” platform, commenting on the increasing trend in interest payments on US government debt.
Musk stated that “the United States will become bankrupt if government spending is not drastically reduced,” likening the situation to an individual getting deeply into debt. He added that “the rising interest on the debt is quickly absorbing all tax revenues, leaving little resources to meet critical needs.”
In the context of warnings, the Congressional Budget Office in the US released a report in May indicating that the country’s national debt could rise to 166% of GDP over the next thirty years. The report also highlighted the danger of the debt reaching 250% of GDP. During Joe Biden’s presidency, the US national debt has seen significant growth, increasing from $28 trillion in 2021 to an unprecedented level exceeding $34.5 trillion currently.
The national debt is considered one of the key issues occupying the political arena ahead of the upcoming US presidential elections scheduled for November 5th, with the Democratic Party represented by Vice President Kamala Harris and the Republican Party represented by former President Donald Trump.
