Billionaire Elon Musk, who is taking over the responsibility of reining in America’s excessive spending by newly elected President Donald Trump, has warned that America may be on the verge of bankruptcy. Elon Musk, the world’s richest man and a close adviser to Mr Trump, has been tasked with leading the newly created Department of Government Efficiency (DOGE) under the incoming Republican administration to find ways to save taxpayer dollars.
“America is heading towards bankruptcy very fast right now,” Mr Musk posted on social media platform X (formally Twitter), which he will buy in 2022.
Mr Musk wrote this in response to a post on the Department of Government Efficiency’s
America is moving very fast towards bankruptcy at this time
– Elon Musk (@elonmusk) 23 November 2024
“This trend must be reversed and we must balance the budget,” the DOGE account said.
After Republicans achieved the ‘trifecta’ of victories in the US, Mr Musk said in a post on ”
According to a Forbes report, the US national debt is set to surpass USD 34 trillion by early 2024, largely due to Covid and lockdown stimulus measures that drove up inflation and prompted the Federal Reserve to raise interest rates at a historic clip. Forced to increase. ,
During his election campaign, one of the promises made by President-elect Trump was the creation of DOGE to eliminate government bureaucracy and cut wasteful spending. Mr Trump is relying on two successful businessmen – Mr Musk and Vivek Ramaswamy – to weigh in on the details and make recommendations to his administration to restrict spending.
The name of the DOGE department is a nod to the famous Shiba Inu dog meme of 2013, which is also associated with the Dogecoin cryptocurrency. According to Mr Musk, Dogecoin is his “favorite” cryptocurrency and is accepted as payment by his Tesla car company.
Earlier this year, Mr Musk also floated the idea of using Bitcoin to “pay for our $35 trillion US”. “..hand them a little crypto check, right? We’ll hand them a little bit of Bitcoin and wipe out our $35 trillion,” he said, according to the Forbes report.
