U.S. is going bankrupt, immediate action is needed in this regard: Elon Musk

WASHINGTON, D.C. (SABAH): Elon Musk, the world’s richest man and CEO of Tesla, has issued a stark warning about America’s financial future. Speaking on The Joe Rogan Experience, Musk expressed serious concerns about the U.S. national debt, which has reached a staggering $36.17 trillion. 

According to Musk, if drastic measures aren’t taken soon, the dollar’s value could plummet to “nothing,” leaving the country in financial ruin.

Interest payments on the debt are consuming an alarming 23% of all government revenue, a figure that’s steadily rising. “If we don’t act, the entire government budget will be used just to pay interest,” he explained. 

This would leave no funds for critical programs like Social Security or Medicare. Musk’s grim assessment paints a picture of a potential economic meltdown if reforms aren’t enacted quickly.

The numbers back up Musk’s concerns. In fiscal year 2024, the federal government spent $1.1265 trillion on interest payments alone, compared to $4.92 trillion in total revenue. With interest costs eating away at the budget, Musk’s warning is a wake-up call for policymakers and citizens alike. Will America act in time to prevent this financial catastrophe?