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Strategies & Market Trends : The Financial Collapse of 2001 Unwinding -- Ignore unavailable to you. Want to Upgrade?

To: Elroy Jetson who wrote (12964)	9/11/2024 12:35:47 AM
From: elmatador	Read Replies (1) \| Respond to of 13781

US must reduce government spending Elon Musk says America is 'going bankrupt extremely quickly'Tesla CEO says US must reduce government spending Billionaire Elon Musk warned Monday that the United States is on the fast track to defaulting on its debt, which continues to accelerate after topping a record $35 trillion just weeks ago. During a sit-down at the All-In Podcast's All-In Summit 2024 event, Musk was asked about his plan for a government efficiency commission, which he has agreed to lead if former President Trump wins a second term in the White House. "If Trump wins – and obviously, I suspect there are people with mixed feelings about whether that should happen – we do have an opportunity to do kind of a once-in-a-lifetime deregulation and reduction in the size of government," Musk said. "Because the other thing besides the regulations, America is also going bankrupt extremely quickly, and… everyone seems to be sort of whistling past the graveyard on this one." Musk pointed out that interest payments on the national debt just surpassed the Defense Department budget, and topped $1 trillion this year. We're spending over $1 trillion a year in interest on debt: EJ Antoni Heritage Foundation economist EJ Antoni discusses the Congressional Budget Office's 2024 projected budget deficit on 'The Bottom Line.' "We're adding a trillion dollars to our debt, which our kids and grandkids are going to have to pay somehow," he said, noting that the interest payments are rising rapidly, so eventually "the only thing we'll be able to pay is interest." "It's just like a person at scale that has racked up too much credit card debt," Musk said. "This does not have a good ending, and so we have to reduce the spending." US NATIONAL DEBT HITS A NEW RECORD: $35 TRILLION Musk, who endorsed Trump in July following the failed assassination attempt on the former president, suggested the creation of a government efficiency commission last month during a conversation he hosted with Trump on X. The former president endorsed the plan last week, and said he would appoint the entrepreneur to lead the panel if the Republican nominee wins the presidential election. Musk, the CEO of Tesla and SpaceX and owner of social media platform X, acknowledged his agreement to serve on the government efficiency commission and wrote on X that, "I look forward to serving America if the opportunity arises. No pay, no title, no recognition is needed."