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Elon Musk warns ‘America will go bankrupt’ if deficit isn’t fixed and wasteful spending continues
- Tesla CEO Elon Musk and Donald Trump sounded alarms over the US deficit, with Musk warning of bankruptcy and criticizing government waste. Trump blamed Democrats for excessive spending and praised Musk for exposing inefficiencies.
Tesla CEO and DOGE Head Elon Musk sharply criticised the US government's spending, warning that if the growing deficit is not addressed, "America will go bankrupt." Speaking in an interview with Fox News on Tuesday, Musk said that the average American taxpayer "should be mad as hell" over wasteful expenditures.
"The overall goal is to try to get a trillion dollars out of the deficit," Musk stated. "If the deficit is not brought under control, America will go bankrupt. This is a very important thing for people to understand. A country is no different from an individual. If an individual overspends, an individual can go bankrupt, and so can a country."
He also criticised US foreign aid and government contracts, arguing that taxpayer dollars are being "poorly spent" on ideological projects overseas.
Trump backs Musk’s concerns, blames democrats
President Donald Trump echoed Musk’s concerns, asserting that he inherited a "$2 trillion deficit" and blaming the Democratic Party for excessive spending over the past four years.
"Think of it—inflation is back. And they said, 'I had nothing to do with it.' These people have run the country. They spent money like nobody has ever spent," Trump said. He specifically targeted what he called the "Green New Scam," claiming, "They were given $9 trillion to throw out the window, and they spent it."
Trump also alleged widespread fraud in government spending, stating, "They're finding billions, and it will be hundreds of billions of dollars' worth of fraud."
Musk: Bureaucracy is blocking reform
Musk also criticied what he described as an "unelected bureaucracy" that hinders the implementation of presidential directives. He argued that Washington, D.C.'s overwhelmingly Democratic voter base is reflective of a larger problem in governance.
"If the will of the president is not implemented, and the president is representative of the people, that means the will of the people is not being implemented, and that means we don’t live in a democracy—we live in a bureaucracy," Musk said.
Responding to criticism over budget cuts affecting government agencies, Musk said, "If we're the target, we're doing something right. They wouldn’t be complaining so much if we weren’t doing something useful."
Trump praises Musk, calls him "an amazing and caring person"
Trump praised Musk for his efforts in identifying waste and inefficiencies in government spending, stating that he has brought in "high-IQ individuals" to expose corruption.
"He's an amazing person. He's also a caring person. He uses the word 'care,' and people have to care," Trump said.
Musk sees election as opportunity for reform
Musk concluded by emphasizing the importance of fixing systemic inefficiencies in government.
"Winning the election is an opportunity to fix the system and restore the power of democracy," he said.
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Business NewsNewsUs NewsElon Musk warns ‘America will go bankrupt’ if deficit isn’t fixed and wasteful spending continues
First Published:19 Feb 2025, 11:10 PM IST
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