America will go bankrupt if trade deficit persists, warns Elon Musk
PTC Web Desk: Tesla CEO Elon Musk has raised serious concerns about the United States' economic future, warning that "America will go bankrupt" if the government fails to control its spending and trade deficit. In a recent interview with Fox News, Musk criticised the way taxpayers' money is being utilised, calling it "insane" and urging Americans to take a stand against financial mismanagement.
During the interview, Elon Musk pointed out that the US has a massive USD 2 trillion annual trade deficit, a situation he believes could lead to bankruptcy. He compared the nation's financial state to that of an individual, stating that overspending at any level, whether personal or national, could result in financial collapse.
US President Donald Trump, who was also part of the discussion, agreed with Musk’s assessment. He claimed that his administration inherited the enormous deficit and blamed the previous government for reckless spending. Trump specifically criticised the Democratic leadership over the last four years, alleging that they wasted nearly USD 9 trillion, particularly on initiatives like the Green New Deal, which he labelled the "Green New Scam."
Trump further said fraud, waste, and misuse of funds had been rampant in the system, costing the country hundreds of billions of dollars. He praised Musk for his efforts to expose these issues, calling him an “amazing person” who is bringing transparency and accountability to the system.
Musk also spoke about the challenges of implementing government policies due to bureaucratic resistance. He argued that if the will of the elected president is blocked by unelected officials, then the country is no longer a democracy but a bureaucracy. Musk pointed out that Washington, DC, overwhelmingly voted for former Vice President Kamala Harris, indicating that there is a strong opposition to Trump's administration within the federal workforce.
When asked about criticism regarding budget cuts, Musk responded that resistance from certain groups proves that necessary changes are being made. He emphasised that the real goal is to restore democracy by ensuring that the will of the people, as represented by the elected president, is effectively implemented.
Trump further highlighted issues with government contracts, revealing that some agreements continue for years beyond their intended duration. He claimed that contracts initially signed for short periods often extend indefinitely due to corruption or negligence. These practices, he argued, lead to unnecessary spending and wasteful expenditures.
Elon Musk concluded the discussion by stating that winning elections is only the first step in fixing the system. He urged leaders to take bold measures to reduce waste, eliminate fraud, and restore financial stability. Meanwhile, Trump criticised mainstream media outlets such as CNN, MSNBC, and CBS, accusing them of biased reporting and misinformation.
- With inputs from agencies
