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| US debt payments top defense budget – Musk | US debt payments top defense budget – Musk |
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| The country spends more than a trillion dollars a year on servicing its national debt, according to the tech billionaire | |
| The cost of servicing the vast US federal debt now outstrips the defense budget, Tesla and SpaceX CEO Elon Musk has claimed in an interview with the All-In podcast. | The cost of servicing the vast US federal debt now outstrips the defense budget, Tesla and SpaceX CEO Elon Musk has claimed in an interview with the All-In podcast. |
| The US Treasury announced in late July that the national debt had surpassed $35 trillion, having soared by a trillion in a six-month period. | The US Treasury announced in late July that the national debt had surpassed $35 trillion, having soared by a trillion in a six-month period. |
| In June, the US House Of Representatives passed its version of the annual defense policy bill that authorizes a record $895 billion in spending, marking an increase of 1% compared to the previous fiscal year. | In June, the US House Of Representatives passed its version of the annual defense policy bill that authorizes a record $895 billion in spending, marking an increase of 1% compared to the previous fiscal year. |
| “Interest payments on the national debt are now higher than the entire Defense Department budget and rising,” Musk said, warning that the US is “going bankrupt extremely quickly.” | “Interest payments on the national debt are now higher than the entire Defense Department budget and rising,” Musk said, warning that the US is “going bankrupt extremely quickly.” |
| The tycoon stressed that every trillion dollars of debt added is money that “our kids and grandkids are going to have to pay somehow.” | The tycoon stressed that every trillion dollars of debt added is money that “our kids and grandkids are going to have to pay somehow.” |
| Earlier this week, the tech billionaire shared a post on his X platform (formerly Twitter) by an account focused on finance and economics, stating that the US would have to pay over $1.2 trillion in interest on the debt in the coming 12 months, which is reportedly equal to about 25% of government revenue. | |
| Earlier this month, Musk warned that the current rate of government spending was putting the US in the fast lane to bankruptcy, and that government overspending was stoking inflation. | Earlier this month, Musk warned that the current rate of government spending was putting the US in the fast lane to bankruptcy, and that government overspending was stoking inflation. |
| In August, the US Labor Department reported that annual inflation had dipped below 3% in the previous month for the first time since 2021. Prices of goods and services went up by 2.9%, while core inflation, which excludes the food and energy industries, rose by 3.2% over the previous 12 months. | In August, the US Labor Department reported that annual inflation had dipped below 3% in the previous month for the first time since 2021. Prices of goods and services went up by 2.9%, while core inflation, which excludes the food and energy industries, rose by 3.2% over the previous 12 months. |