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elon musk america bankruptcy: 'Terrified' Elon Musk warns US is currently headed for bankruptcy super fast, offers solution to fix it - The Economic Times

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var jData = JSON.parse(localStorage.getItem('jStorage')); var b = document.getElementsByTagName('html')[0]; if(ssoid = getCookie('ssoid')) { try { d3 = 'LOGGEDIN'; var grx_userData = jData && jData['prime_'+getCookie('TicketId')] || {}; grx_userData = grx_userData || {}; var grx_up = grx_userData.permissions || []; var accessPassUser = grx_userData.subscriptionDetail && grx_userData.subscriptionDetail.userAcquisitionType === "ACCESS_PASS" || false; if(grx_up.indexOf("expired_subscription") > -1) { subsStatus = 'Expired User'; } else if (grx_up.indexOf("subscribed") > -1 && grx_up.indexOf("cancelled_subscription") > -1 && grx_up.indexOf("can_buy_subscription") > -1) { subsStatus = 'Paid User - In Trial'; b.classList.add("cancelled_user"); } else if (grx_up.indexOf("subscribed") > -1 && accessPassUser) { subsStatus = 'Free Access ' + new Date(grx_userData.subscriptionDetail.purchaseDate).toLocaleDateString(); } else if(grx_up.indexOf("subscribed") > -1) { subsStatus = 'Paid User'; b.classList.add("prime_user"); } else if(grx_up.indexOf("etadfree_subscribed") > -1) { subsStatus = 'Ad Free User'; } else if (grx_up.length == 0) { subsStatus = 'Permission Missing'; } else { subsStatus = 'Free User'; } if(grx_up.indexOf("subscribed") > -1) { b.classList.add("prime_header"); } } catch (e) {} } else { subsStatus = 'Free User'; } if(subsStatus == '-' || subsStatus == '' || subsStatus == 'Expired User' || subsStatus == 'Free User') { b.classList.add("free_user"); } setDim(3, d3); setDim(10, d3); setDim(37, subsStatus); } catch (e) {} })(); setDim(1,'ET Free');setDim(24,'articleshow'); var utmDimension = window.sessionStorage && sessionStorage.getItem('utm_params_dim'), utmParams_dim = window.URLSearchParams && new URLSearchParams(window.location.search), utmSource_dim = utmParams_dim.get && utmParams_dim.get('utm_source'), utmMedium_dim = utmParams_dim.get && utmParams_dim.get('utm_medium'), utmCamp_dim = utmParams_dim.get && utmParams_dim.get('utm_campaign'), utmParams_dim120 = utmSource_dim + ' / ' + utmMedium_dim + ' / ' + utmCamp_dim, variant_id = utmParams_dim.get && utmParams_dim.get('variant_id'), cohort_id = utmParams_dim.get && utmParams_dim.get('cohort_id'); if(utmSource_dim != '' && utmSource_dim != null) { setDim(120,utmParams_dim120); sessionStorage.setItem('utm_params_dim',utmParams_dim120); } else if(utmDimension) { setDim(120,utmDimension); } try{ if(gaProperty == "UA-36832138-2" || gaProperty == "UA-198011-4"){ var selectedKeys = ["dimension132", "dimension143", "dimension145", "dimension146", "dimension147"]; var selectedDimension = {}; for (var key of selectedKeys) { selectedDimension[key] = customDimension[key]; } customDimension.dimension1 = 'ePaper'; selectedDimension.dimension145 = customDimension.dimension1; selectedDimension.dimension146 = customDimension.dimension10; selectedDimension.dimension147 = customDimension.dimension37; ga('send', 'pageview', selectedDimension); }else{ ga('send', 'pageview', customDimension); } }catch(e){ console.log("CD - ", e); } var newHookId ='1715249553'; var subsec1_value ='1715249553', subsec1_2value = '858478126'; if(subsec1_value == '1715249553' && subsec1_2value == '1052732854'){ subsec1_value = '1052732854'; // politicsnation }else if(subsec1_value == '1715249553' && subsec1_2value == '1373380680'){ subsec1_value = '1373380680'; // Economy } (function (g, r, o, w, t, h, rx) { g[t] = g[t] || function () {(g[t].q = g[t].q || []).push(arguments) }, g[t].l = 1 * new Date(); g[t] = g[t] || {}, h = r.createElement(o), rx = r.getElementsByTagName(o)[0]; h.async = 1;h.src = w;rx.parentNode.insertBefore(h, rx) })(window, document, 'script', 'https://static.growthrx.in/js/v2/web-sdk.js', 'grx'); grx('init', 'gf999c70d'); var grxDimension = {url: window.location.href, title : document.title, referral_url : document.referrer, platform: 'desktop',ga_url: window.location.href}; var grxDimension_cdp = {url: window.location.href, title : document.title, referral_url : document.referrer, platform: 'web',ga_url: window.location.href}; var pfuuid = getCookie('pfuuid'); if(pfuuid) { grxDimension['et_uuid'] = pfuuid} grx('config',"service_worker","/et_serviceworker.cms"); grx('config',"applicationServerKey","BIEYq99VozBXu5wtCtElr19cYzEZCgSZAYV5amfqzU1IWrR8SWr5T0Htp72bVbslw08rhMJvkrRFT_11HS8zz5c"); var isSafari = /^((?!chrome|android).)*safari/i.test(navigator.userAgent); var tmplName = 'articleshow_main'; var excludedList = ['plans', 'login', 'default', 'primearticleshow', 'primehome', 'onboarding', 'redeem', 'wealth_editionshow', 'wealth_edition', 'print_edition']; var isTmpltExcluded = excludedList.indexOf(tmplName) !== -1; var inAppTpNameListArr = ['default','default_prime','articleshow_main','primearticleshow','articleshow_exclusive2','articlelist','primehome','markets','newshome','politicsnation','personalfinance','mutual_funds','techhome','opinionshome','nri','panache','videohome'] if(!isTmpltExcluded && !isSafari) { grx('enableCustompopup'); } if(inAppTpNameListArr.indexOf(window.tpName) != -1) { grx('registerPlugin','inApp'); } grxDimension_cdp['content_id'] = 115725724; grxDimension_cdp['page_template'] = "articleshow"; grxDimension_cdp['level_2'] = "International"; grxDimension_cdp['level_3'] = "Global Trends"; grxDimension_cdp['level_4'] = ""; grxDimension_cdp['product'] = "free"; var isPrimeContent = "false"; var embeddedData = " video"; var jData_cdp = JSON.parse(localStorage.getItem('jStorage')) || {}, userInfo_cdp = jData_cdp['userInfo'] || {}, subContent = jData_cdp['subscriptioncontent'] || {}, cohortId = subContent.cohortId || "", grx_cdp_userData = jData_cdp && jData_cdp['prime_'+getCookie('TicketId')] || {}, grx_cdp_up = grx_cdp_userData.permissions || []; var isDarkMode = window.matchMedia && window.matchMedia('(prefers-color-scheme: dark)').matches; var nonAdPageArray = ['primehome','athenalive','timesepaper','print_edition','wealth_edition','wealth_editionshow','epaper_home', 'primearticlelist', 'login', 'stockreports_benefits']; var is_monetizable = 'y'; if((grx_cdp_up.indexOf("subscribed") > -1) || (nonAdPageArray.indexOf(tmplName) !== -1)) { is_monetizable = 'n'; } var isPaywalled = 'n'; if(isPrimeContent === 'true' && grx_cdp_up.indexOf("subscribed") < 0) { isPaywalled = 'y'; } var sub_status = (customDimension.dimension37 && customDimension.dimension37.split(' ')[0]).toLowerCase(); sub_status = sub_status === "permission" ? "free" : sub_status; var sub_type = (grx_cdp_userData.subscriptionDetails ? (grx_cdp_userData.subscriptionDetails.userAcquisitionType).toLowerCase() : 'free'); sub_type = sub_type === "group_subscription" ? "group" : sub_type; grxDimension_cdp['login_method'] = (getCookie('ssoid') && getCookie('LoginType') || userInfo_cdp['email'] && 'sso' || null) || null; grxDimension_cdp['agency'] = typeof customDimension.dimension4 != 'undefined' ? (customDimension.dimension4).toLowerCase() : ''; grxDimension_cdp['article_publish_time'] = typeof customDimension.dimension13 != 'undefined' ? (customDimension.dimension13).toLowerCase() : ''; grxDimension_cdp['author_id'] = typeof customDimension.dimension23 != 'undefined' ? (customDimension.dimension23).toLowerCase() : ''; grxDimension_cdp['author_name'] = typeof customDimension.dimension5 != 'undefined' ? (customDimension.dimension5).toLowerCase() : ''; grxDimension_cdp['bureau_articles_read'] = typeof customDimension.dimension65 != 'undefined' ? (customDimension.dimension65).toLowerCase() : ''; grxDimension_cdp['cms_content_publishing_type'] = typeof customDimension.dimension6 != 'undefined' ? (customDimension.dimension6).toLowerCase() : ''; grxDimension_cdp['content_age'] = typeof customDimension.dimension34 != 'undefined' ? (customDimension.dimension34).toLowerCase() : ''; grxDimension_cdp['content_theme_the_primary_tag'] = customDimension.dimension11 || ""; grxDimension_cdp['continuous_paywall_hits'] = customDimension.dimension96; grxDimension_cdp['daily_article_count'] = customDimension.dimension94; grxDimension_cdp['daily_paid_article_count'] = customDimension.dimension98; grxDimension_cdp['eligibility_paywall_rule'] = typeof customDimension.dimension62 != 'undefined' ? (customDimension.dimension62).toLowerCase() : ''; grxDimension_cdp['free_articles_read'] = typeof customDimension.dimension64 != 'undefined' ? (customDimension.dimension64).toLowerCase() : ''; grxDimension_cdp['monthly_article_count'] = customDimension.dimension95; grxDimension_cdp['monthly_paid_article_count'] = customDimension.dimension97; grxDimension_cdp['syft_initiate_page'] = customDimension.dimension24; grxDimension_cdp['tags_meta_keyword'] = typeof customDimension.dimension12 != 'undefined' ? (customDimension.dimension12).toLowerCase() : ''; grxDimension_cdp['user_login_status_session'] = typeof customDimension.dimension3 != 'undefined' ? (customDimension.dimension3).toLowerCase() : ''; grxDimension_cdp['user_region'] = (window.geolocation == 1 ? 'ind' : 'inter'); grxDimension_cdp['web_peuuid'] = getCookie('peuuid') !== null ? getCookie('peuuid') : ''; grxDimension_cdp['paywall_hits'] = customDimension.dimension68 || ""; grxDimension_cdp['paywall_experiment'] = customDimension.dimension72 || ""; grxDimension_cdp['response_source'] = customDimension.dimension111 || ""; grxDimension_cdp['adaptive_status'] = customDimension.dimension115 || ""; grxDimension_cdp["user_cohort_id"] = cohortId; grxDimension_cdp['level_full'] = (customDimension.dimension27).toLowerCase() || (customDimension.dimension26).toLowerCase(); grxDimension_cdp['embedded'] = embeddedData && embeddedData.trim().replaceAll(' ', ',') || ""; grxDimension_cdp['last_click_source'] = (customDimension.dimension92).toLowerCase(); grxDimension_cdp['level_1'] = (customDimension.dimension26).toLowerCase(); grxDimension_cdp['loggedin'] = userInfo_cdp['email'] ? 'y' : 'n'; grxDimension_cdp['section_id'] = customDimension.dimension29; grxDimension_cdp['source'] = customDimension.dimension93; grxDimension_cdp['phone'] = userInfo_cdp['mobile'] || ''; grxDimension_cdp['email'] = userInfo_cdp['email'] || ''; grxDimension_cdp['utm_source'] = utmSource_dim || null; grxDimension_cdp['utm_medium'] = utmMedium_dim || null; grxDimension_cdp['utm_campaign'] = utmCamp_dim || null; grxDimension_cdp['subscription_status'] = sub_status; grxDimension_cdp['variant_id'] = variant_id || null; grxDimension_cdp['cohort_id'] = cohort_id || null; grxDimension_cdp['monetizable'] = is_monetizable; grxDimension_cdp['subscription_type'] = sub_type grxDimension_cdp['paywalled'] = isPaywalled; grxDimension_cdp['client_source'] = 'cdp'; grxDimension_cdp['business'] = 'et'; grxDimension_cdp['dark_mode'] = 'n'; (function () { grx('userId', getCookie('ssoid')); try { if(window.localStorage && localStorage.getItem) { var jString = localStorage.getItem("jStorage"); if(jString) { var objJstorage = JSON.parse(jString), objProf = objJstorage['et_subscription_profile'], userInfo = objJstorage['userInfo'] || {}, peuuid = getCookie('peuuid'), pfuuid = getCookie('pfuuid'), freeTrialObj = objJstorage['et_freetrial']; for (var attrname in objProf) { grxDimension[attrname] = objProf[attrname]; }; var dt = +new Date(), loggedIn = (getCookie('ssoid') ? 'Y' : 'N'); var new_user_dim = 'unknown_new_user'; var subContent = objJstorage['subscriptioncontent'] || {}; var cohortId = subContent.cohortId || ""; grxDimension['first_date_on_et'] = +new Date(objJstorage['et_first_date']) || dt; grxDimension['last_visited_date'] = dt; grxDimension['logged_in'] = userInfo['email'] ? 'Y' : 'N'; grxDimension['email'] = userInfo['email']; grxDimension['first_name'] = userInfo['fname']; grxDimension['last_name'] = userInfo['lname']; grxDimension['current_subscriber_status'] = customDimension.dimension37; grxDimension["user_cohort_id"] = cohortId; if(typeof objJstorage['et_first_date'] !== 'undefined') { const [currday, currmonth, curryear] = objJstorage['et_first_date'].split('-').map(Number); const currdate = new Date(curryear, currmonth - 1, currday); const milliseconds = currdate.getTime(); if(milliseconds >= 1721327400000){ if(localStorage.getItem('new_user_exp') !== 'null') { new_user_dim = 'non-intrusive' } else { new_user_dim = 'intrusive'; } } else{ new_user_dim = 'old user'; localStorage.setItem('oldUser', true); } } var savedFreeTrialData = objJstorage['et_freetrial'] || {}; var userInfo = objJstorage['userInfo'] || {}; var puInfo = objJstorage['prime_'+getCookie('TicketId')] || {}; var isAPUser = puInfo.subscriptionDetail && puInfo.subscriptionDetail.userAcquisitionType && puInfo.subscriptionDetail.userAcquisitionType === "ACCESS_PASS"; if(Object.keys(savedFreeTrialData).length) { var nonPrime = userInfo.email ? !puInfo.permissions.includes('subscribed') : true; if(savedFreeTrialData.eligible && nonPrime) { grxDimension['experiment_variant_name'] = "Free Trial_Eligible"; } else if(userInfo.email && isAPUser) { var now = +new Date(); var expiryDate = +new Date(puInfo.subscriptionDetail.expiryDate); grxDimension['experiment_variant_name'] = "Free Trial_"+(expiryDate > now ? "Activated" : "Expired"); } } grxDimension['new_user'] = new_user_dim; if(peuuid) {grxDimension['web_peuuid'] = peuuid;} if(pfuuid) {grxDimension['web_pfuuid'] = pfuuid;} } } if(window.customDimension && window.objDim) { for(key in customDimension) { var dimId = 'd' + key.substr(9, key.length); if(objDim[dimId] && typeof customDimension[key] != 'undefined') { grxDimension[objDim[dimId]] = customDimension[key]; } } } }catch(e) { console.log('Error profile Dimension'); } })() grxDimension['feature_name'] = "''"; grxDimension_cdp['feature_name'] = "''"; grx('track', 'page_view', grxDimension); grx('track', 'page_view', window.grxDimension_cdp); var _comscore = _comscore || []; _comscore.push({ c1: "2", c2: "6036484"}); if(window.allowGdpr == 1) { (function() { var s = document.createElement('script'), el = document.getElementsByTagName("script")[0]; s.async = true; s.src = (document.location.protocol == "https:" ? 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print_icon"></span><span>Print</span></a></div><div class="comments open_cmnt" data-ga-onclick="UB - Comment Clicks#Clicks Comment - 115725724#ATF"><span class="asSprite c_icon"></span><span class="cmnt_count hidden"></span><span>Comment</span></div></div></div></div><div class="edition clearfix"><div class="pageContent flt"><div style="position:absolute; height:250px; width:300px; top:12px; right:1%" id="primuser_ad_absolute"><div data-loc="All" data-user="subscribed" data-size="[[300,250]]" data-adsSlot="ET_Prime/ET_Prime_AS/ET_Prime_AS_ATF_Mid_Banner" id="primead_115725724" class="primeuser_asmidad"></div></div><div class="artSyn bgPink"><div class="bold">Synopsis</div><h2 class="summary">SpaceX founder and Tesla CEO Elon Musk has warned that America is currently headed for bankruptcy super fast. The US national debt is over $36 trillion and this amounts to over $106k per person in America, which has left Musk 'terrified'. US President-elect Donald Trump has appointed Elon Musk and Vivek Ramaswamy to spearhead the newly created Department of Government Efficiency (DOGE) to address the rising debt of America.</h2></div><article competitionClients="" currency_ad="1" data-apw="1" class="artData clr paywall"><div class="imgBox"><figure class="artImg topVideo"><div class="videoHolder"></div><a class="playVideo" data-videoid="115769497" data-hostid="153"><img height="225" width="300" alt="" src="https://img.etimg.com/thumb/msid-115769497,width-300,height-225,imgsize-61144,resizemode-75/.jpg"><span class="asSprite artVid"></span></a><figcaption class="figCap">America’s $36 Trillion debt: Why Elon Musk warned, ‘bankruptcy fear looms large’</figcaption></figure></div><div data-brCount="38" class="artText">Tesla CEO <a data-ga-onclick="Inarticle articleshow link click#News#href" target="_blank" href="/panache/panache-people-101/elon-musk/profileshow/79257472.cms">Elon Musk</a> has expressed his fear that the US national debt is spiralling out of control and has warned that America is <a data-ga-onclick="Inarticle articleshow link click#News#href" href="https://economictimes.indiatimes.com/news/international/global-trends/america-headed-for-bankruptcy-debt-to-gdp-ratio-crosses-200-every-citizen-now-has-a-debt-of-over-100000/articleshow/115682469.cms" data-type="tilCustomLink" target="_blank">currently headed for bankruptcy</a> super fast. Musk, who has been tasked by President-elect Donald Trump to curb in the excessive US spending, has issued a warning that America could be nearing the verge of bankruptcy. <br><br><style> #sr_widget.onDemand p, #stock_pro.onDemand p{font-size: 14px;line-height: 1.28;} .onDemand .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-weight:600;line-height:18px;top:9px} #sr_widget.onDemand .sr_desc{margin:0 auto 0;} #sr_widget.onDemand .sr_desc{color: #024d99;margin-top:10px;} #sr_widget.onDemand .crypto .live_stock .lb-icon{8px 6px 5px 3px !important} #sr_widget.crypto.onDemand a.text{border-bottom:1px solid #ccc;padding-bottom:5px;display:block;width:100%} #sr_widget.onDemand .sr_desc .text p, #stock_pro.onDemand .sr_desc .text p{font-size:12px;font-weight:400;} </style><!--/article_liveblog.cms?msid=105115637&pos=toppotime:1-->The world's richest man and a close adviser of Trump, Elon Musk has been tasked to spearhead the newly created Department of Government Efficiency (DOGE) under the upcoming Republican administration, to find ways of saving taxpayer dollars.<br><div data-mid-newpos-mgid="mgid_115725724" id="div-mgid-mid-newpos-115725724"></div><br>"America is currently headed for bankruptcy super fast," Elon Musk wrote on X, formerly Twitter, recently. He was responding to a post on the Department of Government Efficiency's X handle that noted "the US Government spent USD 6.16. trillion while only bringing in USD 4.47 trillion" in 2023.<br><div style="margin-bottom:45px;" class="adBox custom_ad nonm taboola" data-taboola="taboola_115725724"><div class="colombia colombiaAd" data-section="0" data-position="115725724" data-slot="532740" col="2" data-msg="ctnCallbackHandler" id="div-clmb-ctn-208630-115725724-38"></div><div id="v-economictimes-indiatimes-v3"></div><div data-placement="Mid Article Thumbnails" data-target_type="mix" data-mode="thumbnails-mid" style="min-height:400px; margin-bottom:12px;" class="wdt-taboola" id="taboola-mid-article-thumbnails-115725724"></div></div><br><div data-type="twitter" data-handle="DOGE" data-handlename="DOGE" data-favoritecount="0" data-retweetcount="0" data-id="1860211822722449910"><div><blockquote class="twitter-tweet" lang="en"><p></p>&mdash; DOGE (@DOGE) <a data-ga-onclick="Inarticle articleshow link click#News#href" href="https://twitter.com/DOGE/status/1860211822722449910" rel="nofollow"></a></blockquote></div></div><br>"This trend must be reversed, and we must balance the budget," the DOGE account added.<br><br><div data-ga-impression="GrowFast_Web#Impression#url" class="growfast_widget custom_ad"><a data-ga-onclick="GrowFast_Web#Click#url" target="_blank" title="Growfast Logo" href="https://growfast.indiatimes.com/?ag=ET_Web"><img src="https://img.etimg.com/thumb/width-513,height-50,msid-115075348/growfast.jpg" alt="Growfast" height="40" width="410" loading="lazy"></a><div class="growfast_slider"><ul class="sliderContainer"><li><a data-ga-onclick="GrowFast_Web#Click#Tabnine AI Masterclass: Optimize Your Coding Efficiency" title="Tabnine AI Masterclass: Optimize Your Coding Efficiency" href="https://growfast.indiatimes.com/courses/tabnine-ai-masterclass-optimize-your-coding-efficiency/1459?ag=ET_Web"><div class="images_wrap"><img class="cover_img" src="https://img.etb2bimg.com/files/retail_files/1459_cover_image_1729492634_23067.jpg" loading="lazy" height="80" width="300" alt="Tabnine AI Masterclass: Optimize Your Coding Efficiency"><img class="author_img" loading="lazy" height="56" width="56" alt="" src="https://img.etb2bimg.com/files/retail_files/expert_picture_1723545629_1723545629_26628.jpg"></div><div class="details"><p class="category">Artificial Intelligence(AI)</p><p class="course_name">Tabnine AI Masterclass: Optimize Your Coding Efficiency</p><p class="author_name">By - 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"This amounts to over $106k per person in America."<br><div data-size="[[300, 250], [600, 250], [600, 300]]" data-adsSlot="/7176/Economictimes/ET_News/ET_News_InternationalBusiness/ET_ROS_MID_NWS_IBZ_AS_300" data-loc="100" id="div-gpt-ad-858478126-115725724" class="country_specAD"></div><br>"Terrifying tbh," Musk responded.<br><div data-size="[[300, 250], [600, 250], [600, 300]]" data-adsSlot="/7176/Economictimes/ET_News/ET_News_InternationalBusiness/ET_ROS_MID1_NWS_IBZ_AS_300" data-loc="2" id="div-gpt-ad-858478132-115725724" class="country_specAD2nd"></div><div data-size="[[300, 250], [600, 250], [600, 300]]" data-adsSlot="/7176/Economictimes/ET_News/ET_News_InternationalBusiness/ET_ROS_MID1_NWS_IBZ_AS_300" data-loc="5" id="div-gpt-ad-858478132-115725724" class="country_specAD2nd"></div><div data-size="[[300, 250], [600, 250], [600, 300]]" data-adsSlot="/7176/Economictimes/ET_News/ET_News_InternationalBusiness/ET_ROS_MID1_NWS_IBZ_AS_300" data-loc="3" id="div-gpt-ad-858478132-115725724" class="country_specAD2nd"></div><br>Musk, along with Indian-American politician Vivek Ramaswamy, has been picked by Donald Trump, to address America's ever-rising surge. During his election campaign, one of the promises made by President-Elect Trump was the formation of DOGE to dismantle the government bureaucracy and cut wasteful spending.<br><br>On November 12, Donald Trump announced that the two would serve as co-heads of the Department of Government Efficiency (DOGE), a newly created entity focused on reducing government expenditures, slashing regulations and enacting cost-cutting initiatives throughout the federal government. Trump is relying on two successful businessmen -- Elon Musk and Vivek Ramaswamy -- to dig into the details and give recommendations to his administration to restrict spending.<br><br><strong>ALSO READ: </strong><a data-ga-onclick="Inarticle articleshow link click#News#href" href="https://economictimes.indiatimes.com/news/international/global-trends/jpmorgan-ceo-jamie-dimon-envisions-a-future-where-next-generation-will-work-3-5-days-a-week-and-live-to-100-years/articleshow/115691808.cms" data-type="tilCustomLink" target="_blank">Work 3.5 days a week to become a reality soon? JPMorgan Chase CEO Jamie Dimon envisions a future</a><br><br><h2>How Musk plans to solve America's rising debt</h2>"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," Musk and Ramaswamy wrote in The Wall Street Journal last week. "The two of us will advise DOGE at every step to pursue three major kinds of reform: regulatory rescissions, administrative reductions and cost savings."<br><br>"If this non-government entity wants to make recommendations on cuts and changes with the cooperation of the Office of Management and Budget, I am OK with that," David E. Lewis, a professor of political science at Vanderbilt University, previously told Newsweek. "The only concern is in cases where Musk and Ramaswamy and friends have conflicts of interest. Both billionaires have companies regulated by a number of government agencies."<br><br><strong>ALSO READ: </strong><a data-ga-onclick="Inarticle articleshow link click#News#href" href="https://economictimes.indiatimes.com/news/international/global-trends/nasa-astronauts-sunita-williams-butch-wilmore-stuck-in-space-for-over-6-months-how-are-they-keeping-themselves-healthy/articleshow/115702333.cms" data-type="tilCustomLink" target="_blank">NASA astronauts Sunita Williams, Butch Wilmore stuck in space for over 6 months: How are they keeping themselves healthy?</a><br><br><h2>America and its growing debt</h2>The US currently has the largest national debt in the world, according to the International Monetary Fund, the majority of which is held by the public, with the remainder owed largely to Japan and China.<br><br>The US debt has grown exponentially in recent decades, jumping from $5.7 trillion at the turn of the century to $23.2 trillion by 2020. Following the COVID-19 pandemic, the country’s debt has surged by nearly $16 trillion, marking an unprecedented increase. Over the past 316 days alone, the debt has risen by $6.3 billion per day, or approximately Rs 5.32 billion. As a result, the average American citizen now shoulders a debt burden of about $108,000.<br><br>Musk, who was joined by the president-elect and his team to witness the launch of a SpaceX Starship rocket last week, previously outlined plans to slash federal government spending during a New York rally prior to the election.<br><br><strong>ALSO READ: <a data-ga-onclick="Inarticle articleshow link click#News#href" href="https://economictimes.indiatimes.com/news/international/global-trends/elon-musk-worlds-richest-man-is-a-time-travelling-and-vampire-alien-a-claim-on-his-x-profile-has-taken-the-internet-by-storm/articleshow/115654443.cms" data-type="tilCustomLink" target="_blank">Elon Musk, world's richest man, is a time-travelling and vampire alien? A claim on his X profile has taken the internet by storm</a><br></strong><br>"Well, I think we can do at least 2 trillion," Musk told rallygoers at Madison Square Garden, a figure that would equate to just under 30 percent of the federal government's total spending ($6.75 trillion) in the fiscal year from October to September.<br><br>"Yes, 2 trillion. At the end of the day, all government spending is taxation," he said. "Whether it's direct taxation, all government spending, it either becomes inflation or it's direct taxation. Your money is being wasted, and the Department of Government Efficiency is going to fix that."<br><style> #sr_widget.onDemand p, #stock_pro.onDemand p{font-size: 14px;line-height: 1.28;} .onDemand .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-weight:600;line-height:18px;top:9px} #sr_widget.onDemand .sr_desc{margin:0 auto 0;} #sr_widget.onDemand .sr_desc{color: #024d99;margin-top:10px;} #sr_widget.onDemand .crypto .live_stock .lb-icon{8px 6px 5px 3px !important} #sr_widget.crypto.onDemand a.text{border-bottom:1px solid #ccc;padding-bottom:5px;display:block;width:100%} #sr_widget.onDemand .sr_desc .text p, #stock_pro.onDemand .sr_desc .text p{font-size:12px;font-weight:400;} </style><!--/article_liveblog.cms?msid=105115637&pos=botpotime:1--><div class="inSideInd"><br><br><em>(You can now subscribe to our <a rel="nofollow" href="https://whatsapp.com/channel/0029Va54SU83rZZYg2XcdM0K" target="_blank" data-ga-onclick="WhtsApChnl#Click_Web#News">Economic Times WhatsApp channel</a>)<br></em></div></div><div class="clearfix orig_date">( Originally published on Nov 27, 2024 )</div><div class="videoArtSec">In Video: <a class="uline" target="_blank" href="/news/international/world-news/americas-36-trillion-debt-why-elon-musk-warned-bankruptcy-fear-looms-large/videoshow/115769497.cms">America&rsquo;s $36 Trillion debt: Why Elon Musk warned, &lsquo;bankruptcy fear looms large&rsquo;</a></div><div class="clr"></div><div class="clr"></div><div class="rating_block hide ftr custom_ad"></div><div class="inSideInd"><div class="clearfix relTopics raltedTopics" data-ga-action="Widget Read More News"><h4 class="uc">Read More News on</h4><div><a data-track="ReadMore1" data-ga-onclick="1 - 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The US national debt is over $36 trillion and this amounts to over $106k per person in America, which has left Musk 'terrified'. US President-elect Donald Trump has appointed Elon Musk and Vivek Ramaswamy to spearhead the newly created Department of Government Efficiency (DOGE) to address the rising debt of America.", "datePublished": "2024-11-27T13:43:00+05:30", "dateModified": "2024-11-28T16:48:00+05:30", "url":"https://economictimes.indiatimes.com/news/international/global-trends/terrified-elon-musk-warns-us-is-currently-headed-for-bankruptcy-super-fast-offers-solution-to-fix-it/articleshow/115725724.cms", "mainEntityOfPage":"https://economictimes.indiatimes.com/news/international/global-trends/terrified-elon-musk-warns-us-is-currently-headed-for-bankruptcy-super-fast-offers-solution-to-fix-it/articleshow/115725724.cms", "articleSection" : "News", "articleBody":"Tesla CEO Elon Musk has expressed his fear that the US national debt is spiralling out of control and has warned that America is currently headed for bankruptcy super fast. Musk, who has been tasked by President-elect Donald Trump to curb in the excessive US spending, has issued a warning that America could be nearing the verge of bankruptcy. The world's richest man and a close adviser of Trump, Elon Musk has been tasked to spearhead the newly created Department of Government Efficiency (DOGE) under the upcoming Republican administration, to find ways of saving taxpayer dollars. America is currently headed for bankruptcy super fast, Elon Musk wrote on X, formerly Twitter, recently. He was responding to a post on the Department of Government Efficiency's X handle that noted the US Government spent USD 6.16. trillion while only bringing in USD 4.47 trillion in 2023. This trend must be reversed, and we must balance the budget, the DOGE account added.ALSO READ: America headed for bankruptcy: Debt-to-GDP ratio crosses 200%, every citizen now has a debt of over $100,000America going bankrupt soon, says Elon MuskTwo days, a post from The Rabbit Hole warned that the national debt is over $36 trillion. This amounts to over $106k per person in America. Terrifying tbh, Musk responded.Musk, along with Indian-American politician Vivek Ramaswamy, has been picked by Donald Trump, to address America's ever-rising surge. During his election campaign, one of the promises made by President-Elect Trump was the formation of DOGE to dismantle the government bureaucracy and cut wasteful spending.On November 12, Donald Trump announced that the two would serve as co-heads of the Department of Government Efficiency (DOGE), a newly created entity focused on reducing government expenditures, slashing regulations and enacting cost-cutting initiatives throughout the federal government. Trump is relying on two successful businessmen -- Elon Musk and Vivek Ramaswamy -- to dig into the details and give recommendations to his administration to restrict spending.ALSO READ: Work 3.5 days a week to become a reality soon? JPMorgan Chase CEO Jamie Dimon envisions a futureHow Musk plans to solve America's rising debt 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, Musk and Ramaswamy wrote in The Wall Street Journal last week. The two of us will advise DOGE at every step to pursue three major kinds of reform: regulatory rescissions, administrative reductions and cost savings. If this non-government entity wants to make recommendations on cuts and changes with the cooperation of the Office of Management and Budget, I am OK with that, David E. Lewis, a professor of political science at Vanderbilt University, previously told Newsweek. The only concern is in cases where Musk and Ramaswamy and friends have conflicts of interest. Both billionaires have companies regulated by a number of government agencies. ALSO READ: NASA astronauts Sunita Williams, Butch Wilmore stuck in space for over 6 months: How are they keeping themselves healthy?America and its growing debtThe US currently has the largest national debt in the world, according to the International Monetary Fund, the majority of which is held by the public, with the remainder owed largely to Japan and China.The US debt has grown exponentially in recent decades, jumping from $5.7 trillion at the turn of the century to $23.2 trillion by 2020. Following the COVID-19 pandemic, the country’s debt has surged by nearly $16 trillion, marking an unprecedented increase. Over the past 316 days alone, the debt has risen by $6.3 billion per day, or approximately Rs 5.32 billion. As a result, the average American citizen now shoulders a debt burden of about $108,000.Musk, who was joined by the president-elect and his team to witness the launch of a SpaceX Starship rocket last week, previously outlined plans to slash federal government spending during a New York rally prior to the election.ALSO READ: Elon Musk, world's richest man, is a time-travelling and vampire alien? A claim on his X profile has taken the internet by storm Well, I think we can do at least 2 trillion, Musk told rallygoers at Madison Square Garden, a figure that would equate to just under 30 percent of the federal government's total spending ($6.75 trillion) in the fiscal year from October to September. Yes, 2 trillion. At the end of the day, all government spending is taxation, he said. Whether it's direct taxation, all government spending, it either becomes inflation or it's direct taxation. Your money is being wasted, and the Department of Government Efficiency is going to fix that. ", "image": { "@type": "ImageObject", "url": "https://img.etimg.com/thumb/msid-115725947,resizemode-4,width-1200,height-900,imgsize-2127979,overlay-economictimes/articleshow.jpg", "width": 1200, "height": 900 }, "author": { "@type": "Thing", "name": "ET Online" }, "publisher": { "@type": "NewsMediaOrganization", "name": "Economic Times", "logo": { "@type": "ImageObject", "url": "https://img.etimg.com/thumb/msid-76939477,width-600,height-60,quality-100/economictimes.jpg", "width": 600, "height": 60 } } , "isAccessibleForFree" : "https://schema.org/False", "hasPart": { "@type": "WebPageElement", "isAccessibleForFree": "https://schema.org/False", "cssSelector" : ".paywall" }, "isPartOf": { "@type": ["CreativeWork", "Product"], "name" : "Economic Times", "productID": "prime.economictimes.indiatimes.com:prime" } }</script><script type="application/ld+json"> { "@context": "https://schema.org/", "@type" : "WebPage", "name" : "'Terrified' Elon Musk warns US is currently headed for bankruptcy super fast, offers solution to fix it", "speakable" : { "@type": "SpeakableSpecification", "cssSelector" : [".article_wrap h1", ".artSyn h2"] }, "url": "https://economictimes.indiatimes.com/news/international/global-trends/terrified-elon-musk-warns-us-is-currently-headed-for-bankruptcy-super-fast-offers-solution-to-fix-it/articleshow/115725724.cms" } </script><script type="text/javascript"> //set iframe height on load (function(){ $('#toispecials-iframe').height($(window).height()); })(); /* function scrollIframeToTop() { setTimeout(function() { $('body, html').animate({ scrollTop: $menuEl.offset().top }, 800); }, 500); } scrollIframeToTop(); */ </script><script> var countryCode = window.geoinfo && geoinfo.CountryCode; if (countryCode === "IN"){ $('.inSideInd').addClass("show"); $('.outsideInd').remove(); } else{ $('.outsideInd').addClass("show"); $('.inSideInd').remove(); } window.onload = function() { // setFont(); }; </script><div class="blocker_wrap hidden"><section class="font_mon login_blocker hidden"><div class="lb_head tac">Continue reading with one of these options:</div><div class="lb_box_cont"><div class="lb_box"><div class="lb_boxb"><div class="lb_boxh">Limited Access</div><div class="lb_boxt">Free</div><div class="lb_boxd">Login to get access to some exclusive stories<br> &amp; personalised newsletters</div><div onclick="objPrimePaywall.cta('login')" class="lb_boxbtn">Login Now</div></div></div><div class="lb_box"><div class="lb_boxb"><div class="lb_boxh">Unlimited Access</div><div class="lb_boxt lb_pr">Starting @ Rs120/month</div><div class="lb_boxd">Get access to exclusive stories, expert opinions &amp;<br> in-depth stock reports</div><div onclick="objPrimePaywall.cta('plan')" class="lb_boxbtn">Subscribe Now</div></div></div></div></section><div class="loader_box"><div class="spinner"><div class="loading-text">ET</div></div></div><section class="font_mon prime_paywall"><style> .articleBlockerWrap {width: 650px;background: #ffe9e2;height: 251px;display: none;margin: 2% auto 2%;box-shadow: 0 12px 20px 0 rgb(0 0 0 / 13%);} .articleBlocker {background: #ffe9e2;border: 7px solid white;padding: 28px 22px;width: 567px;margin: auto;text-align: left;position: relative;min-height: 149px;} .articleBlocker h4 {font-size: 24px;font-weight: bold;line-height: 1.27;} .articleBlocker p {font-size: 16px;margin: 15px 0;} .articleBlocker button {background: #ed193b;color: white;font-size: 16px;font-weight: 800;margin: auto;width: 215px;height: 37px;border-radius: 2px;position: absolute;animation: .18s linear infinite alternate slide;} @keyframes slide {from {left: 15px;}to {left: 30px;;}} .articleBlocker button:hover {animation-play-state: paused;cursor: pointer;} .articleBlocker img {position: absolute;right: 22px;height: 120px;bottom: 0;} </style><div data-paywall="true" data-grx-impression="Subscription Flow ET Articleshow Blocker#Scroll Blocker Impression#Blocker layer Viewed" class="articleBlockerWrap"><div class="articleBlocker"><h4>Uh-oh! 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'100' : ''; var sectionName = artNode.sectionName || '-'; var clickEvent = 'Story Collection on Paywall - Click_Missed paid articles#' + sectionName + '#' + (i+1) + ' - href'; listing += '<li class="stry_item"><span class="title_block" title="' + artNode.hl + '" data-ga-onclick="' + clickEvent + '" href="' + artNode.ga + '" data-conttype="' + artNode.ga + '"><img title="' + artNode.hl + '" alt="' + artNode.hl + '" height="177" width="236" src="' + artNode.im + '"></span><div class="content"><a title="' + artNode.hl + '" data-ga-onclick="' + clickEvent + '" href="' + artNode.ga + '" class="stry_title font_faus" data-conttype="' + conttype + '" data-hostid="' + artNode.hostid + '">' + artNode.hl + '</a></div></li>'; }); } if(listing) { var h3 = "You tried reading " + listArr.length + " locked stories in the past " + threshold + " days.", h4 = "Become an ET Prime member and don't miss out on these exclusive stories."; var html = '<div data-ga-impression="Story Collection on Paywall - Impression_Missed paid articles#Story Collection on Paywall - Impression_Missed paid articles#url" id="paywallStoriesSlider_freeArt"><div class="prel"><h3 class="section_heading" style="margin-bottom: 10px;">' + h3 + '</h3><h4 class="section_heading2" style="font-size:24px;text-align: center;margin-bottom: 10px;font-weight: 500;">' + h4 + '</h4><div class="slider_listing_sc"><div class="overh"><div><ul class="listing_wrapper">' + listing + '</ul></div></div><div class="nextprev-btn"><span class="prev-btn leftarw abicon_sprite disable"></span><span class="next-btn rightarw abicon_sprite"></span></div><div class="ts-dots flt hide"></div></div></div></div>'; $('#paidSCWidget').html(html); var callback = $('#paidSCWidget').attr('data-callback'); if(callback && window[callback]) { window[callback](); } customDimension.dimension72 += ' | Shown SYFT no Trial_With Missed Paywalled Articles Collection'; } else { _processNormal() } } }); } else { _processNormal(); } } catch (e) { _processNormal(); } }, function () { _processNormal(); }); //console.log('storyCollectionLoad', $); } </script><div id="missedStoriesWidget"></div><div id="newArticleBlocker"></div><div id="benifitsSection"><div class="f_list"><h3 class="tac normal"><span class="prel">Why <span class="cSprite ePrime"></span>?</span></h3><ul><li><img src="https://img.etimg.com/photo/42031747.cms" class="lazy" data-original="https://img.etimg.com/photo/msid-74493815,quality-100,imgsize-10394/exclusive-economic-times-stories-editorials-expert-opinion-across-20-sectors.jpg"><div class="fl_i_title"><Story><p><strong></strong><strong></strong><strong>Exclusive Economic Times Stories, Editorials &amp; Expert opinion</strong> across 20+ sectors</p></Story></div></li><li><img src="https://img.etimg.com/photo/42031747.cms" class="lazy" data-original="https://img.etimg.com/photo/msid-74493814,quality-100,imgsize-1791/stock-analysis-market-research-industry-trends-on-4000-stocks.jpg"><div class="fl_i_title"><Story><p><strong></strong><strong>Stock analysis. Market Research. Industry Trends</strong> on 4000+ Stocks<strong></strong><strong></strong></p></Story></div></li><li><img src="https://img.etimg.com/photo/42031747.cms" class="lazy" data-original="https://img.etimg.com/photo/msid-74493812,quality-100,imgsize-12280/clean-experience-with-minimal-ads.jpg"><div class="fl_i_title"><Story>Clean experience with<br><strong>Minimal Ads</strong></Story></div></li><li><img src="https://img.etimg.com/photo/42031747.cms" class="lazy" data-original="https://img.etimg.com/photo/msid-74493806,quality-100,imgsize-24821/comment-engage-with-et-prime-community.jpg"><div class="fl_i_title"><Story><strong>Comment &amp; Engage</strong> with ET Prime community</Story></div></li><li><img src="https://img.etimg.com/photo/42031747.cms" class="lazy" data-original="https://img.etimg.com/photo/msid-74493810,quality-100,imgsize-19449/exclusive-invites-to-virtual-events-with-industry-leaders.jpg"><div class="fl_i_title"><Story>Exclusive invites to <strong>Virtual Events with Industry Leaders</strong></Story></div></li><li><img src="https://img.etimg.com/photo/42031747.cms" class="lazy" data-original="https://img.etimg.com/photo/msid-74493809,quality-100,imgsize-11126/a-trusted-team-of-journalists-analysts-who-can-best-filter-signal-from-noise.jpg"><div class="fl_i_title"><Story>A trusted team of <strong>Journalists &amp; Analysts </strong>who can best filter signal from noise<br></Story></div></li><li><img src="https://img.etimg.com/photo/42031747.cms" class="lazy" data-original="https://img.etimg.com/photo/msid-99030928,quality-100,imgsize-82843/get-1-year-complimentary-subscription-of-toi-worth-rs-799/-.jpg"><div class="fl_i_title"><Story><p>​Get <strong>1 Year Complimentary Subscription of TOI+</strong> worth Rs.799/-​</p></Story></div></li></ul></div></div></section><!--/etprime_paywall.cms?sec1id=1715249553&adaptive=1&blocker_type=adap-otherspotime:2--></div><div class="shadow_exitdlg"><div class="exitdlg_wrapper"><span class="close_btn"></span><p class="heading">Stories you might be interested in</p><ul></ul><div class="footer_nwsltr"><div class="flt"><span class="hdr_label">Subscribe to our</span><span class="subhdr_label">ET Investment Opportunities</span></div><div class="flr"><input placeholder="Enter your email id here" class="input_nwsltr" type="text"><button class="submit_btn" type="button">SUBMIT</button></div></div></div></div><script onerror="errorLogs(this)" src="https://economictimes.indiatimes.com/js_ettechpoll/v-5,minify-3.cms" type="text/javascript" defer></script><script> if(window.location.href.indexOf('.com/articleshow/') != -1){ grxEvent('event', {'event_category': 'articleshow', 'event_action': 'url_issue referrer: ' + document.referrer, 'event_label': window.location.href}); } </script></body></html>

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