Elon Musk, "America is going bankrupt btw." Warns of America's Looming Bankruptcy Due to Its Addiction to Over Spending
The issue of America's rising national debt has caught the attention of Tesla CEO Elon Musk. In a recent post on the social media platform X, Musk issued a stark warning: "America is going bankrupt btw." This statement was in response to a post by Billy Markus, the creator of Dogecoin.
Markus had shared a headline that read, "Interest Payments on US National Debt Will Shatter $1,140,000,000,000 This Year – Eating 76% of All Income Taxes Collected: Report." Musk expressed his frustration by adding, "I am glad 76% of the income tax I pay goes directly to important things like interest on past government incompetence."
Understanding the Severity of the Situation
The headline Markus posted originated from an article on The Daily Hodl, which included an analysis by economist E.J. Antoni. Antoni, a research fellow in the Heritage Foundation's Grover M. Hermann Center for the Federal Budget, analyzed the latest Monthly Treasury Statement from the Bureau of the Fiscal Service.
He highlighted that in June 2024, the U.S. government spent $140.238 billion on interest for Treasury debt securities, while collecting $184.910 billion in individual income taxes that same month. This indicates that 76% of June's individual income tax revenue was allocated solely to interest payments on the national debt, excluding principal repayment.
Antoni voiced his concerns about America's fiscal challenge on X, writing, "Interest on the federal debt was equal to 76% of all personal income taxes collected in June - that's the Treasury's largest source of revenue and three-quarters of it gets consumed just by interest; does Congress know? Do they even care?”
Financial Realities
Despite America's strong and expanding economy, its national debt has been growing at an alarming rate. To put this into perspective, the U.S. federal government debt stood at $5.77 trillion at the start of 2000. This figure more than doubled to $12.77 trillion by the beginning of 2010 and escalated to $23.22 trillion at the start of 2020. The latest figures from the Treasury Department show that the national debt has now reached $34.94 trillion.
This rapid increase in debt has led to soaring interest payments, exacerbated by the Federal Reserve's significant interest rate hikes since March 2022. As a result, interest costs are mounting.
Preparing for Dollar Collapse
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As inflation continues to impact the cost of living, gold remains a prudent choice for those looking to safeguard their financial future.
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Protect Yourself Against These Events by Hedging with Gold & Silver
Article by Harvard Gold Group
Source: U.S. Bureau of Labor Statistics
Source: Dec 30, 2023: https://www.resumebuilder.com/due-to-inflation-1-in-5-retirees-likely-to-go-back-to-work-this-year/
