The U.S. national debt is slowly but surely turning into a hot potato which is hard to deal with even by the most skilled financial expert. Elon Musk, founder of Tesla and SpaceX again highlighted this burning issue on the social media network X. He warned against the swelling costs of servicing the national debt. In his laconic style, he predicted America's future: "America is going bankrupt btw."
He made this remark in response to a post by Billy Markus, also known as Shibetoshi Nakamoto and co-founder of the Dogecoin cryptocurrency. The post included a screenshot of an article headline: " “Interest Payments on US National Debt Will Shatter $1,140,000,000,000 This Year – Eating 76% of All Income Taxes Collected: Report.” Apparently, the figures were so staggering that even Elon Musk could not resist a touch of sarcasm.
“I am glad 76% of the income tax I pay goes directly to important things like interest on past government incompetence,” the entrepreneur noted with his particular sense of humor. This comment is worthy of memes.
American economist E.J. Antoni also joined the discussion, adding his own bit of criticism. "Does Congress know about this? Do they even care?" he wrote, expressing dismay and concern. The expert reminded everyone that the costs of servicing the federal debt have jumped by 33% over the year. In his opinion, the situation is only getting worse. Is it the right time to send Congress a notice about this? U.S. legislators have to do something about it.
