Businessman Elon Musk has sounded the alarm about America's huge and ever-expanding national debt, but claimed many people are unaware of the problem.
“A significant percentage of people don’t even know there is such a thing as a national debt!” Musk declared in a post on X.
“Those who know often don't know how big it is or that interest payments now exceed military spending. Those who do understand that government overspending causes inflation. is very small,” he added.
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President-elect Trump and Elon Musk watch the sixth test flight of the SpaceX Starship rocket on November 19, 2024 in Brownsville, Texas. (Brandon Bell/Getty Images)
The national debt has soared to over $36 trillion.
In another post, Musk warned that “America is fast becoming bankrupt.”
“Excessive government spending causes inflation! All government spending is a tax. This is a very important concept to understand. It is either indirect taxation,” he argued. Tweet from earlier this month.
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Elon Musk speaks at former President Trump's rally at Madison Square Garden in New York on October 27, 2024. (Angela Weiss/AFP via Getty Images)
“If we don't tackle our national debt, all our tax revenue will go to paying interest and there will be nothing left over,” Musk said in another post.
If the issue is not resolved, “the dollar will have no value,” Musk warned in a tweet earlier this year.
President-elect Donald Trump has tapped Musk and former Republican presidential primary candidate Vivek Ramaswamy to head the Department of Government Efficiency (DOGE), a department aimed at eradicating waste in government.
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Elon Musk listens as President-elect Trump speaks to the House Republican Conference at the Hyatt Regency on Capitol Hill in Washington, DC, on November 13, 2024. (Andrew Harnik/Getty Images)
President Trump said in a statement that DOGE will “provide advice and guidance from outside the government, work with the White House and the Office of Management and Budget to advance major structural reforms, and take an unprecedented entrepreneurial approach to government.” ”, he said.
in Wall Street Journal opinion articleMusk and Ramaswamy said they would be working “as outside volunteers and not as federal employees or employees.”
