Elon Musk’s post created a stir: America, the world’s largest economy and the world’s most powerful country, is on the way to bankruptcy. If someone makes such a statement, everyone will consider it as gossip, but what if the richest person in the world makes such a statement? So what happens is that there is something wrong with the matter. Something similar has happened recently. Elon Musk, the head of American company ‘Tesla’ and the world’s richest man, has written a statement on his social media platform X, which has created a sensation. Let us find out why Musk wrote this.
Superpower burdened with debt
There has been talk for a long time about America being burdened with huge debt. Donald Trump had also said in his election campaign that there is a need to immediately cut American spending. According to the latest data, America’s national debt has crossed 36 trillion dollars. The debt has increased by one trillion dollars in the last four months. Every American citizen is currently burdened with a debt of more than one lakh dollars.
Government accounts released figures
The data was released on Saturday, November 23, 2024, by the US government department ‘Department of Government Efficiency’ (DOGE) in a post on its social media account. In fiscal year 2023, the U.S. government received $4.47 trillion in revenue from income taxes, payroll taxes, customs duties, sales and excise taxes, including corporate income taxes, and other sources and interest payments on Social Security, national defense and veterans, Medicare, and Medicare. And debt, the Post said, transfers to states and other spending total $6.16 trillion, or more than the U.S. budget in fiscal year 2023. Deficit of $2.31 trillion.
America has been losing money for decades
The Department for Government Efficiency also said that the last time America’s income exceeded its expenditures was in 2001. This means that America has been running a deficit for more than two decades. Based on the data shown by the government department, Elon Musk has written that America is on the verge of bankruptcy.
The responsibility for this has fallen on Trump
When Donald Trump starts serving as President from January 2025, his biggest responsibility will be to get America out of the mountain of debt. Trump has repeatedly said during his election campaign that America needs to change its attitude, we need to balance our budget.
How will the new department carry out this great work?
To bring America’s economic system back on track, Donald Trump has created the Department of Government Efficiency (DOGE), which has prepared a plan to reduce America’s spending by $500 billion. DOGE is led by Elon Musk and Vivek Ramaswamy. Both of these will cut costs in many parts of the US. Among the departments and ministries that will be cut are funding for health care and children, and NASA’s budget. Donald Trump has said that these two Americans will pave the way for my administration to eliminate government bureaucracy, eliminate excessive regulations, cut waste and reorg.ze federal agencies. All these measures are very important to save America.
