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Reading: Elon Musk warns ‘America will go bankrupt’ if deficit isn’t mounted and wasteful spending continues
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StockWaves > Business > Elon Musk warns ‘America will go bankrupt’ if deficit isn’t mounted and wasteful spending continues
Business

Elon Musk warns ‘America will go bankrupt’ if deficit isn’t mounted and wasteful spending continues

StockWaves By StockWaves Last updated: February 20, 2025 4 Min Read
Elon Musk warns ‘America will go bankrupt’ if deficit isn’t mounted and wasteful spending continues
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Trump backs Musk’s considerations, blames democratsMusk: Forms is obstructing reformTrump praises Musk, calls him “an incredible and caring individual”Musk sees election as alternative for reform

Tesla CEO and self-proclaimed “DOGE Head” Elon Musk sharply criticized the US authorities’s spending, warning that if the rising deficit just isn’t addressed, “America will go bankrupt.” Talking in an interview with Fox Information on Tuesday, Musk mentioned that the common American taxpayer “must be mad as hell” over wasteful expenditures.

“The general aim is to attempt to get a trillion {dollars} out of the deficit,” Musk acknowledged. “If the deficit just isn’t introduced beneath management, America will go bankrupt. This can be a crucial factor for folks to grasp. A rustic isn’t any totally different from a person. If a person overspends, a person can go bankrupt, and so can a rustic.”

He additionally criticised US international help and authorities contracts, arguing that taxpayer {dollars} are being “poorly spent” on ideological initiatives abroad.

Trump backs Musk’s considerations, blames democrats

President Donald Trump echoed Musk’s considerations, asserting that he inherited a “$2 trillion deficit” and blaming the Democratic Social gathering for extreme spending over the previous 4 years.

“Consider it—inflation is again. And so they mentioned, ‘I had nothing to do with it.’ These folks have run the nation. They spent cash like no one has ever spent,” Trump mentioned. He particularly focused what he known as the “Inexperienced New Rip-off,” claiming, “They got $9 trillion to throw out the window, and so they spent it.”

Trump additionally alleged widespread fraud in authorities spending, stating, “They’re discovering billions, and it is going to be tons of of billions of {dollars}’ value of fraud.”

Musk: Forms is obstructing reform

Musk additionally criticied what he described as an “unelected forms” that hinders the implementation of presidential directives. He argued that Washington, D.C.’s overwhelmingly Democratic voter base is reflective of a bigger drawback in governance.

“If the need of the president just isn’t applied, and the president is consultant of the folks, which means the need of the folks just isn’t being applied, and which means we don’t reside in a democracy—we reside in a forms,” Musk mentioned.

Responding to criticism over finances cuts affecting authorities businesses, Musk mentioned, “If we are the goal, we’re doing one thing proper. They wouldn’t be complaining a lot if we weren’t doing one thing helpful.”

Trump praises Musk, calls him “an incredible and caring individual”

Trump praised Musk for his efforts in figuring out waste and inefficiencies in authorities spending, stating that he has introduced in “high-IQ people” to show corruption.

“He is an incredible individual. He is additionally a caring individual. He makes use of the phrase ‘care,’ and folks need to care,” Trump mentioned.

Musk sees election as alternative for reform

Musk concluded by emphasizing the significance of fixing systemic inefficiencies in authorities.

“Successful the election is a chance to repair the system and restore the ability of democracy,” he mentioned.

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