PNN – Elon Musk, the American billionaire and owner of the “X” social network, warned about the economic future of his country.
According to the report of Pakistan News Network, citing “Moneywise” website, Elon Musk, the CEO of Tesla and X Network, warned about the economic future of the United States and said that the alarm has sounded about the economic future of his country.
Musk, the great American capitalist and billionaire, appearing on a radio program, while announcing a warning about the unfavorable economic situation of the United States under the influence of the debt crisis, said that his country is going bankrupt, and if the American authorities do nothing, the dollar will have no value.
Read more:
China daily with cartoon print; challenged America’s human rights claims
The report added that Musk’s alarm focused on the US national debt, currently estimated at $36.17 trillion. Managing this staggering debt comes at a steep price: raising interest rates alone is a significant and growing strain on government finances.
Musk said: Revenues from interest increases, which currently account for 23% of the government’s total revenue. Currently only interest is paid, and this number is constantly increasing. So if we do nothing, the entire government budget will rely on monetary interest. That’s what bankruptcy means.
He added: The numbers paint a grim picture. In fiscal year 2024, interest on the U.S. federal debt reached $1.1265 trillion, while the federal government collected $4.92 trillion in revenue.
Musk emphasized the urgency of this situation: “I look at the numbers here and I think if we don’t do something, America is going to be a piece of toast.”