Musk warns 'US in the fast lane to bankruptcy'

https://x.com/elonmusk/status/1829485522873623014?ref_src=

30 Aug 2024 

Billionaire and entrepreneur Elon Musk took to X on Friday to criticize the United States' current government spending plans.

He warned that the US may soon face bankruptcy, News.Az reports.

"At current rates of government spending, America is in the fast lane to bankruptcy. Government overspending is what causes inflation," Musk wrote on his page in the X social network.

On July 29, the US Department of the Treasury announced that the national debt has surpassed $35 trillion for the first time. The Congressional Budget Office (CBO) forecasts that by 2034, the debt will exceed $50 trillion, amounting to more than 122% of the country's GDP. Additionally, the CBO estimates that the average annual growth rate of US GDP will be 1.8% from 2029 to 2034.