His remarks, made on his social media platform X, reflect growing concerns over the country’s fiscal policies
The United States, grappling with a staggering $36 trillion national debt, is raising alarms about its financial future. Tesla CEO and the world’s richest man, Elon Musk, recently warned that America is “rapidly moving toward bankruptcy.” His remarks, made on his social media platform X, reflect growing concerns over the country’s fiscal policies.
Data released by the Department of Government Efficiency (DOGE), a new body established by President-elect Donald Trump, paints a grim picture. The US government earned $4.47 trillion in revenue during the 2023 fiscal year but spent $6.16 trillion, resulting in a $2.31 trillion deficit.
DOGE revealed on November 23 that the debt had grown by $1 trillion in just four months. Alarmingly, the US has not recorded a budget surplus since 2001, leaving every citizen with a debt burden exceeding $100,000.
Government revenue in 2023 came from taxes such as income, payroll, corporate, and customs duties, while spending focused on social security, defence, Medicare, veterans’ programs, and debt interest payments. This growing imbalance has prompted urgent calls for reform.
To tackle the crisis, US President-elect Trump has announced a $500 billion spending cut plan spearheaded by DOGE. The department, led by Elon Musk and Vivek Ramaswamy, aims to slash expenses in healthcare, education grants, and NASA’s budget.
Trump expressed optimism, stating, “These two visionaries will cut wasteful spending, eliminate bureaucracy, and restructure federal agencies.” The initiative is part of Trump’s “Save America” movement, which seeks to stabilize the nation’s finances.
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Publish date : 2024-11-23 13:57:00
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Author : theamericannews
Publish date : 2024-11-24 03:11:31
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