American billionaire and entrepreneur Elon Musk has warned that the United States risks bankruptcy if government spending is not cut.
“Unless there is a radical reduction in government spending, the United States will effectively go bankrupt, just like a person taking on too much debt,” Musk wrote on his X page. Musk was responding to a post by a social media user who provided data on the amount of interest payments on the U.S. government debt.
Musk noted that interest on debt tends to quickly eat up all tax revenue, leaving critical needs unmet.
In May this year, the Congressional Budget Office released a report stating that in the next 30 years, the U.S. national debt will increase to 166% of GDP, and the risk of this figure rising to 250% of GDP cannot be ruled out. During Joe Biden’s presidency, the U.S. national debt has increased from $28 trillion in 2021 to an unprecedented level of more than $34.5 trillion this year.
According to calculations by the Russian Satellite News Agency based on data from the US and Russian Finance Ministries, the US government debt increased by a record $347.6 billion during the “conversion” of the fiscal year, which is one-fifth more than Russia’s entire sovereign debt.
The national debt is one of the hot topics in the upcoming US election on November 5. US Vice President Kamala Harris will run for the Democratic Party, while former President Donald Trump will run for the Republican Party.
