US heading toward bankruptcy 'extremely quickly,' Musk says
Interest payments on the national debt have surpassed the total budget of the Defense Department, according to Elon Musk, the CEO of Tesla and SpaceX. Read Full Article at RT.com
TroibNews 
The cost of servicing the extensive US federal debt now exceeds the defense budget, according to tech billionaire Elon Musk during a recent interview with the All-In podcast. He noted that the country is “going bankrupt extremely quickly.”
In late July, the US Treasury reported that the national debt had surpassed $35 trillion, having increased by a trillion dollars in just six months.
In June, the US House of Representatives passed a version of the annual defense policy bill, which authorizes a record $895 billion in spending, a 1% rise from the previous fiscal year.
“Interest payments on the national debt are now higher than the entire Defense Department budget and rising,” Musk remarked, emphasizing that the US is “going bankrupt extremely quickly.”
He highlighted that each additional trillion dollars in debt represents money that “our kids and grandkids are going to have to pay somehow.”
Recently, Musk shared a post on his X platform from a finance and economics account that indicated the US would need to allocate over $1.2 trillion for interest on the debt in the next 12 months, which is approximately 25% of government revenue.
Earlier this month, Musk cautioned that the current pace of government spending is accelerating the US toward bankruptcy and that overspending is contributing to inflation.
In August, the US Labor Department announced that annual inflation had fallen below 3% in the previous month for the first time since 2021. The prices of goods and services rose by 2.9%, while core inflation, which excludes food and energy, increased by 3.2% over the previous year.
Camille Lefevre contributed to this report for TROIB News
In late July, the US Treasury reported that the national debt had surpassed $35 trillion, having increased by a trillion dollars in just six months.
In June, the US House of Representatives passed a version of the annual defense policy bill, which authorizes a record $895 billion in spending, a 1% rise from the previous fiscal year.
“Interest payments on the national debt are now higher than the entire Defense Department budget and rising,” Musk remarked, emphasizing that the US is “going bankrupt extremely quickly.”
He highlighted that each additional trillion dollars in debt represents money that “our kids and grandkids are going to have to pay somehow.”
Recently, Musk shared a post on his X platform from a finance and economics account that indicated the US would need to allocate over $1.2 trillion for interest on the debt in the next 12 months, which is approximately 25% of government revenue.
Earlier this month, Musk cautioned that the current pace of government spending is accelerating the US toward bankruptcy and that overspending is contributing to inflation.
In August, the US Labor Department announced that annual inflation had fallen below 3% in the previous month for the first time since 2021. The prices of goods and services rose by 2.9%, while core inflation, which excludes food and energy, increased by 3.2% over the previous year.
Camille Lefevre contributed to this report for TROIB News
