Elon Musk warns of US approaching ‘de-facto bankruptcy’
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US billionaire entrepreneur Elon Musk has sounded the alarm over the country's mounting financial troubles, warning that America is rapidly heading toward a state of "de facto bankruptcy".
"America is headed for de facto bankruptcy very fast," Musk posted on X, News.Az reports.America is headed for de facto bankruptcy very fast https://t.co/gKYDnimg2V
— Elon Musk (@elonmusk) December 3, 2024
Musk, alongside entrepreneur Vivek Ramaswami, is set to lead the newly established "Department of Government Efficiency" in the administration of former President Donald Trump.
On November 15, the U.S. national debt surpassed $36 trillion for the first time in history. Projections suggest the debt could rise to $50 trillion, or 122% of GDP, by 2034. During the same period, U.S. GDP growth is expected to average just 1.8% between 2029 and 2034.
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