Musk: US ’Going Bankrupt Extremely Quickly”

By Staff, Agencies

Tesla and SpaceX CEO Elon Musk claimed in an interview with the All-In podcast, that the cost of servicing the vast US federal debt now outstrips the defense budget, adding that the country is “going bankrupt extremely quickly.”

The US Treasury announced in late July that the "national" debt had surpassed $35 trillion, having soared by a trillion in a six-month period.

Musk said that interest payments on the US “national” debt are now higher than the entire budget of the War Department and that it is rising, warning that the US is “going bankrupt extremely quickly.”

The tycoon stressed that every trillion dollars of debt added is money that “our kids and grandkids are going to have to pay somehow.”

Earlier this week, the tech billionaire shared a post on his X platform [formerly Twitter] by an account focused on finance and economics, stating that the US would have to pay over $1.2 trillion in interest on the debt in the coming 12 months, which is reportedly equal to about 25% of government revenue.

Earlier this month, Musk warned that the current rate of government spending was putting the US in the fast lane to bankruptcy, and that government overspending was stoking inflation.