Business Magnet Elon Muskwho has been sounding the alarm about America’s huge, ever-growing national debt, claimed that 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 announced in a post on X.
“People who don’t often know how big it is or that our interest payments are now more than what we spend on our military. Only a small percentage understand that higher government spending causes inflation,” he said. added.
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The national debt has exceeded $36 trillion.
“America is fast becoming bankrupt,” Musk warned in another post.
“Additional government spending causes inflation! All government spending is a tax. This is a very important concept to define. It is either a direct tax, such as an income tax, or inflation due to an increase in the money supply.” Indirectly through,” he asserted. A post from earlier this month.
The US national debt hit a new record: $36 trillion
Elon Musk speaks at a Trump rally at Madison Square Garden on October 27, 2024 in New York City. (ANGELA WEISS/AFP via Getty Images)
In another post, Musk said, “If we don’t deal with the national debt, all tax revenue will go to paying interest and there will be nothing left for anything else.”
If the problem isn’t addressed, he warned in a post from earlier this year, “the dollar will be worthless.”
President-elect Donald Trump tapped Musk and former GOP presidential primary candidate Vivek Ramaswamy to take over the Department of Government Efficiency (DOGE), aimed at rooting out government waste.
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Elon Musk listens as President-elect Donald Trump addresses the House Republican Conference session at the Hyatt Regency on Capitol Hill on November 13, 2024 in Washington, DC. (Andrew Harnick/Getty Images)
Trump said in a statement that DOGE “will provide advice and guidance from outside the government, and will partner with the White House and the Office of Management and Budget to advance large-scale structural reforms, and for the government to will create a business model that has never been seen before.”
In one Wall Street Journal opinion pieceMusk and Ramaswamy noted that they would “serve as outside volunteers, not federal officials or employees”.