Elon Musk warns of imminent US bankruptcy

Elon Musk, CEO of Tesla and SpaceX, has once again raised alarms over the growing national debt of the United States, stating that the country is on a path to bankruptcy.

Musk's concerns come as U.S. government debt saw a sharp $204 billion increase in a single day at the start of the new fiscal year.

Musk emphasized the severity of the situation by pointing out that interest payments on federal debt now surpass the defense budget, highlighting the unsustainable nature of the current fiscal path.

Musk's recent comments followed his previous warnings about government overspending.

He has consistently voiced his concerns on social media, noting that unchecked government expenditure is not only increasing national debt but also driving inflation.

Musk warned in a post on September 5 that these spending patterns are pushing America toward financial collapse.

In an earlier comment made in late August, Musk criticized the U.S. government's current rate of spending, suggesting that it was accelerating the country toward bankruptcy.

He warned that, without intervention, "de facto bankruptcy" could soon occur.

Musk’s concerns reflect broader worries about the nation's ability to manage its rising debt levels effectively.

In response to the growing economic instability, Musk has suggested the creation of a "government efficiency commission" to address wasteful spending.

He proposed this idea as a potential solution to reduce inefficiency within government operations.

Former President Donald Trump has endorsed Musk's proposal, and Musk has even volunteered to lead such a commission if Trump wins the upcoming election.