Elon Musk says there's substantial ignorance about America's national debt
The US national debt is more than $36 trillion
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Business magnate Elon Musk, who has been sounding the alarm about America's gargantuan, ever-expanding national debt, claimed that many people are unaware of the problem.
"A significant % of people don’t even know that there is such a thing as a national debt!" Musk declared in a post on X.
"Those that do often don’t know how big it is or that our interest payments now exceed what we spend on our military. Only a small % understand that government overspending causes inflation," he added.
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ELON MUSK WANTS TO MEET ALEX SOROS — AND SOROS SAYS HE'S OPEN TO IT
The national debt has soared past $36 trillion.
"America is going bankrupt fast," Musk warned in another post.
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"The excess government spending is what causes inflation! ALL government spending is taxation. This is a very important concept to appreciate. It is either direct taxation, like income tax, or indirect via inflation due to increasing the money supply," he asserted in a tweet earlier this month.
US NATIONAL DEBT HITS A NEW RECORD: $36 TRILLION
In another post, Musk said, "If we don't tackle the national debt, all tax revenue will go to paying interest and there will be nothing left for anything else."
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If the issue isn't addressed "the dollar will be worth nothing," Musk warned in a tweet earlier this year.
President-elect Trump tapped Musk and former GOP presidential primary candidate Vivek Ramaswamy to helm the Department of Government Efficiency (DOGE), an effort meant to root out government waste.
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Trump said in a statement that DOGE "will provide advice and guidance from outside of Government, and will partner with the White House and Office of Management & Budget to drive large scale structural reform, and create an entrepreneurial approach to Government never seen before."
In a Wall Street Journal opinion piece, Musk and Ramaswamy noted that they will work "as outside volunteers, not federal officials or employees."