Elon Musk fears that the United States will become bankrupt very quickly.

Elon Musk needs no introduction. The tech billionaire’s growing prominence in Trump’s inner circle has definitely sparked interest. Recently, Musk expressed grave anxiety about America’s financial future. During an appearance on , tech entrepreneur Elon Musk emphasized the increasing US national debt, which currently stands at a whopping $36.17 trillion. Furthermore, he cautioned that if no action is taken soon, the dollar’s value will plummet, plunging the country into financial ruin.

Musk emphasized the grave situation, stating that interest payments on the national debt currently absorb a startling 23% of government revenue—a figure that is steadily increasing. “If we don’t act, the entire government budget will be used just to pay interest,” Musk said, according to a news article. This scenario would leave no funding for critical services like Social Security and Medicare. Musk’s harsh warning highlights the possibility of an oncoming economic disaster if necessary reforms are not adopted.

The figures support Musk’s fears. In fiscal year 2024 (FY 24), the federal government spent a record $1.1265 trillion on interest payments, out of $4.92 trillion total income. With interest payments accounting for a sizable chunk of the budget, Musk’s warning serves as an important wake-up call for both legislators and individuals.

According to a tweet on X (formerly Twitter), Trump stated, “America is currently headed for bankruptcy super fast.” The Department of Government Efficiency released the original post on November 23, 2024.

The original text said that in FY2023, the US government spent $6.16 trillion despite only generated $4.47 trillion in income. The last budget surplus was in 2001, and the position stressed the critical need to reverse this trend and balance the budget.