Elon Musk Notes Risks of U.S. Bankruptcy

Elon Musk has voiced worry about the US fast approaching insolvency. Reacting to a tweet by the recently revealed Department of Government Efficiency (DOGE) which highlighted budgetary problems in the nation, the billionaire businessman made comments on social network X.

DOGE claims that since 2001 the U.S. government has not experienced a budget surplus. Government expenditure in the 2023 fiscal year came out to be more than $6 trillion while income barely amounted to $4.47 trillion. This widening disparity has stoked concerns about the financial soundness of the nation, which Musk reflected in his remarks "America is moving very quickly towards bankruptcy."

Running once more for the White House, former President Donald Trump recently revealed that Musk and businessman Vivek Ramaswamy would oversee the new Department of Government Efficiency. DOGE aims to address ineffective government expenditure and offer solutions for national financial woes.

The national debt of the United States has exceeded $33 trillion which raises questions over long-term economic viability. Musk's comments have highlighted the need of major changes as the nation struggles to control debt and budget.