MOSCOW: US billionaire entrepreneur Elon Musk warned of the risk of the United States going bankrupt if government spending is not cut, reported Sputnik.
“If there is not radical reduction of government expenditures, then, just like an individual who has taken on too much debt, America will become de facto bankrupt. The interest on the debt is trending to rapidly absorb all tax revenue, leaving nothing for critical needs,“ Musk said on X, commenting on skyrocketing interest payments on US government debt.
In May, the US Congressional Budget Office published a report according to which the country’s national debt would increase to 166 per cent of GDP over the next 30 years, while the risk of increasing the figure to 250 per cent of GDP was not ruled out. During Joe Biden’s presidency, the US national debt has grown from US$28 trillion in 2021 to an unprecedented level of more than US$34.5 trillion this year.
The national debt is one of the hot topics in the upcoming US presidential election, which will be held on November 5. The Democratic Party will be represented by Vice President Kamala Harris, and the Republican Party by former President Donald Trump.
