Elon Musk warns 'America is moving towards bankruptcy very fast' as national debt crosses Rs 3,000 lakh crore

Tesla CEO Elon Musk recently warned that the United States is on a fast track to bankruptcy due to its accelerating national debt. Speaking at the All-In Podcast's All-In Summit 2024, Musk highlighted that the national debt, now at $35.35 trillion, has reached unprecedented levels, according to data from the Treasury Department.

Musk stated that if former President Donald Trump wins the upcoming presidential election, it could lead to significant deregulation and a reduction in government size. He said, "If Trump wins – and obviously, I suspect there are people with mixed feelings about whether that should happen – we do have an opportunity for a once-in-a-lifetime deregulation and reduction in the size of government." Musk also noted, "Besides the regulations, America is also going bankrupt extremely quickly, and everyone seems to be sort of whistling past the graveyard on this one."

He expressed concern over the national debt's impact on future generations, as interest payments on the debt have surpassed the Defense Department's budget, exceeding $1 trillion this year. Musk warned that rising interest payments would eventually dominate the budget, leaving minimal funds for other spending. He compared this situation to excessive credit card debt, stating it rarely ends well.


To address the issue, Musk suggested reducing government spending and noted the need for financial reforms. Last month, Musk discussed creating a government efficiency commission with former President Trump during a conversation on the social media platform X. Trump, who recently received Musk's endorsement, supported this proposal and pledged to appoint Musk as the head of the commission if he wins the election.

Confirming his willingness to serve, Musk posted on X, "I look forward to serving America if the opportunity arises. No pay, no title, no recognition is needed."