Musk: US on fast track to bankruptcy due to high costs
American billionaire Elon Musk said that the United States is rapidly approaching bankruptcy, and the reason for this was excessive spending, which leads to an increase in inflation, RIA Novosti 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, commenting on a user’s post on the social network X, which says that the US authorities plan to increase the country’s national debt by another $16 trillion by 2035.
In May, the Congressional Budget Office published a report according to which the country’s public debt will climb to 166 percent of GDP over the next three decades. The risk of an increase to 250 percent of GDP is also not excluded. During Joe Biden’s presidency, the US national debt has grown from $28 trillion in 2021 to more than $34.5 trillion this year.
