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Elon Musk Warns of Possible US Bankruptcy

Elon Musk Warns of Possible US Bankruptcy

HappyCoinNewsHappyCoinNews2024/11/24 17:11
By:HappyCoinNews

Billionaire Elon Musk, who heads Tesla and SpaceX, warned about the possible bankruptcy of the United States if the current policy continues.

America is now rapidly moving towards bankruptcy, Musk said.

Elon posted this comment in response to a report from the Department of Government Efficiency, abbreviated as DOGE, which is similar to the ticker symbol of the famous cryptocurrency Dogecoin (DOGE), based on a meme.

The agency's employees reported that in 2023, US federal budget expenditures exceeded the amount of taxes collected by $1,69 trillion and emptied the treasury. The last time the US budget surplus was observed was back in 2001.

Elon Musk Warns of Possible US Bankruptcy image 0

US Federal Budget Indicators for 2023

Representatives of the DOGE department, headed by Musk and businessman Vivek Ramaswani, propose to put an end to the negative trend and balance budget expenditures and revenues. Therefore, it becomes obvious that under the leadership of Elon and Vivek, department employees will reduce subsidies, for example, to social and medical institutions.

Apparently, by bankruptcy Musk means a default in which the US government will not be able to service the rapidly growing national debt, already exceeding $36 trillion. Elon, who was nicknamed the father Dogecoin , is looking to address that threat by working for an agency named after a meme token.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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