The United States is rapidly heading towards bankruptcy due to excessive government spending, warned Elon Musk, CEO of Tesla and SpaceX.
“At the current pace of government spending, which is causing inflation, America is on the fast track to bankruptcy,” he stated.
A report released two weeks ago by the Department of Labor indicated that the U.S. annual inflation rate fell below 3% in July for the first time since 2021. The prices of goods and services rose by 2.9%, while core inflation, which excludes the food and energy sectors, increased by 3.2% over the previous 12 months. At the end of July, the U.S. Treasury Department announced that the national debt had surpassed $35 trillion for the first time in history, an increase of $1 trillion since January.
The Congressional Budget Office (CBO) projects that by 2034, the debt will exceed $50 trillion, accounting for more than 122% of the U.S. GDP. The CBO also reported that it expects the nation’s average annual GDP growth rate to be around 1.8% between 2029 and 2034.
Translated and edited by Evan Right
