'Very Few Understand...' - Elon Musk On What Causes Inflation - See Post

On Wednesday, Musk posted on X, "A significant % of people don't even know that there is such a thing as national debt!"

"Those that do often don’t know how big it is or that our interest payments now exceed what we spend on our military," he added.

He concluded the post saying only a small percentage understand that government overspending causes inflation.

What Is Musk's Fear?

SpaceX founder Elon Musk has been very vocal about his fear that the US is currently headed for bankruptcy. As a result, Musk has been frequently taking to the social media platform X to express his concerns.

The national debt of the United States of America has long, gone out of hand and is an issue that needs to be addressed immediately.

The close associate of the President-elect Donald Trump, has been entrusted with the responsibility to curb excessive spending in the US. Elon Musk has therefore, issued a warning that America is on the precipice of becoming bankrupt.

"America is currently headed for bankruptcy super fast," Musk posted on X recently, while responding to a post on the Department of Government Efficiency's X account which said, "the US Government spent USD 6.16 trillion while only bringing in USD 4.47 trillion" in 2023.

Elon Musk along with Vivek Ramaswamy has recently been appointed by Donald Trump to spearhead the Department of Government Efficiency (DOGE) under the Republican party's tenure, to save money and prevent the wastage of resources and capital.

What Does Musk Think About National Debt Of The US?

In a post on X, The Rabbit Hole warned that the national debt is over $36 trillion. "This amounts to over $106k per person in America," the post added.

Elon Musk responded to this post saying, "Terrifying tbh".

How Do Musk & Ramaswamy Plan To Solve This Debt?

Last week Musk and Ramaswamy wrote in The Wall Street Journal saying, "We are assisting the Trump transition team to identify and hire a lean team of small-government crusaders, including some of the sharpest technical and legal minds in America."

"The two of us will advise DOGE at every step to pursue three major kinds of reform: regulatory rescissions, administrative reductions and cost savings," they added.