Elon Musk seems convinced that the U.S. economy is headed for a catastrophic collapse. Today, Elon tweeted on X, responding to an economic data post, saying "The U.S. is headed for bankruptcy, FYI."
The rising national debt has been a major problem for the United States, and Tesla CEO Elon Musk has taken notice of it. This economic situation is what he has been maintaining for months. On July 22, 2024, Elon said: “By the way, the United States is going bankrupt.” This tweet was in response to a post by Billy Markus, the founder of Dogecoin.
To this, Peter Schiff, a well-known cryptocurrency critic, agreed, "It won't stop here. Soon, 100% of federal tax revenue will go to paying interest on the debt. All new government spending will be financed by debt. The Fed will of course monetize it, so inflation will be the only source of funding for the government. Inflation is the most expensive tax."
Last month, it was reported that 76% of all personal income taxes went to pay down the $34 trillion national debt. One X user asked, "How did we get to this point?" His response was, "Two people: Roosevelt and Richard Nixon. Together, they destroyed the dollar. And put the American people into debt slavery."
In June 2024, the U.S. government paid $140.238 billion in interest on the Treasury bond. For reference, the government collected $184.910 billion in personal income taxes in the same month. This means that 76% of personal income tax revenue in June was used to pay interest on the Treasury bond in addition to repaying the principal.
Elon Musk believes the US economy is dying
The U.S. economy is forecast to have a lower GDP growth rate of 1.4% in 2023-24, a sharp drop from 3.4% in the fourth quarter of 2023. Growth in the third quarter is expected to be even lower, possibly falling to around 1%.
However, some economic analysts believe that if inflation and interest rates fall, the U.S. economy will pick up later this year, with annual growth reaching 2%. Although the United States has long had a healthy and booming economy, its national debt has been increasing rapidly.
For example, the U.S. federal government debt was $5.77 trillion at the beginning of 2000, more than quadrupled to $12.77 trillion by the beginning of 2010, and is expected to reach $23.22 trillion by the beginning of 2020.
The recent increase is particularly striking, with the national debt now at $34.94 trillion, according to the latest data from the U.S. Treasury Department. The federal government estimates that interest payments on federal debt instruments will reach $1.14 trillion this fiscal year.
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