Washington. America, the world’s largest economy and super power, is facing increasing concerns regarding its increasing debt. America currently has a debt of more than 36 trillion dollars. Regarding this, Tesla CEO and world’s richest man Elon Musk recently warned on his social media platform that America is on the verge of bankruptcy. His statement has come at a time when the discussion about the country’s increasing debt has intensified. This debt burden has become a big challenge for the American government.
According to the Department of Government Efficiency (DOGE) formed by the new US President-elect Donald Trump, the US government earned revenue of $ 4.47 trillion during the fiscal year 2023. Whereas he spent 6.16 trillion dollars. Which resulted in a loss of 2.31 trillion dollars. In a post on social media platform
America is rapidly moving towards bankruptcy
The Department for Government Efficiency highlighted that the US has not seen a budget surplus since 2001 and urged immediate action to reverse the trend. Commenting on this data, Elon Musk said that ‘America is rapidly moving towards bankruptcy.’ His statement reflects growing concerns about the sustainability of America’s fiscal policies, with every American now carrying a debt burden of more than $100,000.
Take it wherever you want, dig anything… Elon Musk has created a great machine that will tear apart the chest of the earth, which will just have to be seen in films.
Plan to cut government spending by $500 billion
To stop the growing debt crisis, Donald Trump has put forward a plan to cut government spending by $500 billion through DOGE. The department, led by Elon Musk and entrepreneur Vivek Ramaswamy, has been tasked with reducing spending in a number of areas, including healthcare, children’s grants and NASA’s budget. President-elect Trump expressed confidence in the leadership of the new department, saying that these two visionaries will pave the way to eliminate bureaucracy, cut excessive regulation, reduce wasteful spending and restructure federal agencies.
Tags: America News, Donald Trump, Elon Musk
FIRST PUBLISHED : November 23, 2024, 5:40 PM IST