Musk: The US is rapidly moving towards actual bankruptcy

The U.S. is rapidly moving toward actual bankruptcy, American billionaire Elon Musk said in an X post.

It is expected that Musk, along with businessman Vivek Ramaswamy, will head a new Department of Government Efficiency (DOGE) under the Trump administration.

On Nov. 15, the U.S. national debt exceeded $36 trillion for the first time in history. According to the U.S. Congressional Budget Office’s forecasts, the national debt is expected to surpass $50 trillion by 2034, which would be 122% of GDP. Government estimates project an average annual GDP growth of 1.8% from 2029 to 2034.