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Musk warns of US bankruptcy | Musk warns of US bankruptcy |
(about 2 hours later) | |
The tech billionaire is set to co-lead a new agency tasked with tackling budget inefficiency | The tech billionaire is set to co-lead a new agency tasked with tackling budget inefficiency |
The US is at risk of bankruptcy unless “major and immediate” action is taken to address government spending amid mounting federal debt, Elon Musk has warned. | |
The SpaceX CEO and owner of X is slated to co-lead the upcoming Department of Government Efficiency (DOGE), an agency tasked with reducing unnecessary federal expenditures once President-elect Donald Trump assumes office. Musk, who has previously raised concerns about the possibility of US bankruptcy, reiterated his warning in a post on X on Friday. | |
“Major and immediate action is needed to prevent America from going bankrupt,” Musk wrote in response to a DOGE post discussing unchecked federal spending. | “Major and immediate action is needed to prevent America from going bankrupt,” Musk wrote in response to a DOGE post discussing unchecked federal spending. |
Major and immediate action is needed to prevent America from going bankrupt https://t.co/stNT8b84aY | Major and immediate action is needed to prevent America from going bankrupt https://t.co/stNT8b84aY |
DOGE noted that the last comprehensive review of the federal government took place in 1984, when the national debt was $1.6 trillion, with a debt-to-GDP ratio of about 38%. Today, the ratio has surged to over 121%, and the national debt has surpassed $36 trillion. It is projected to hit the recently reinstated debt ceiling a day after Trump’s inauguration, according to Treasury Secretary Janet Yellen. | |
During Trump’s reelection campaign, Musk pledged to reduce government waste and streamline the federal bureaucracy. He initially proposed cutting the nearly $7 trillion federal budget by $2 trillion. However, in a recent interview, Musk tempered expectations, calling the figure a “best-case outcome.” | During Trump’s reelection campaign, Musk pledged to reduce government waste and streamline the federal bureaucracy. He initially proposed cutting the nearly $7 trillion federal budget by $2 trillion. However, in a recent interview, Musk tempered expectations, calling the figure a “best-case outcome.” |
“If you try for $2 trillion, you have a good shot at getting $1 trillion,” Musk told Stagwell CEO Mark Penn in a conversation on X. He estimated that a reduction in federal spending by $1-2 trillion would balance the output of goods and services with the money supply, helping to curb inflation. | “If you try for $2 trillion, you have a good shot at getting $1 trillion,” Musk told Stagwell CEO Mark Penn in a conversation on X. He estimated that a reduction in federal spending by $1-2 trillion would balance the output of goods and services with the money supply, helping to curb inflation. |
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