Billionaire Elon Musk has warned that America may be on the verge of becoming bankrupt. Musk was appointed by President-elect donald trump to control the US's excessive spending. Elon Musk, the richest man in the world and a close advisor to President trump, has been assigned to lead the Department of government Efficiency (DOGE), which will be established under the incoming Republican government, to identify methods to save taxpayer money.
"America is currently headed for bankruptcy super fast," Mr Musk posted to X (formally Twitter), the social media platform he bought in 2022.
Mr Musk wrote this in response to a post on the Department of government Efficiency's X handle that noted "the US government spent USD 6.16. trillion while only bringing in USD 4.47 trillion" in 2023. "This trend must be reversed, and we must balance the budget," the DOGE account added.
The establishment of DOGE to eliminate government bureaucracy and save unnecessary spending was one of President-Elect Trump's election campaign pledges. Mr. trump had suggested utilizing Bitcoin to "pay off" "USD 35 trillion" earlier this year when discussing the US's rapidly increasing debt.
The president-elect is depending on two prosperous businesspeople, vivek Ramaswamy and Elon Musk, to examine the specifics and provide suggestions to his government for budget cuts.
According to a forbes article, the US national debt surpassed USD 34 trillion at the start of 2024, primarily as a result of COVID and lockdown stimulus measures that caused inflation to skyrocket and compelled the Fed to raise interest rates at an unprecedented rate.
"Hand them a little crypto check, right?" Mr. trump remarked. According to the forbes story, "We'll give them a little bitcoin and wipe out our USD 35 trillion."
"Excess government spending is driving America into bankruptcy," Mr. Musk said in a post on X following the Republicans' "Trifacta" of victory in the US. He also added, "This debt growth is unsustainable."
The DOGE department's name is a reference to the well-known Shiba Inu dog meme from 2013, which is also connected to the cryptocurrency dogecoin. Mr. Musk claims that Dogecoin is his "favorite" cryptocurrency, and his tesla auto firm accepts it as payment.
Bitcoin is a decentralized wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital money that functions independently of both governmental and financial institutions. Bitcoin may be used as a substitute for fiat money through cryptocurrency exchanges that employ peer-to-peer transfers on a network that logs every transaction, according to Investopedia research. An open-source tool called a blockchain powers this network by chaining transaction histories to guard against tampering.
The price of bitcoin is currently USD 97,455.70, up +4.31% over the previous day.
"America is currently headed for bankruptcy super fast," Mr Musk posted to X (formally Twitter), the social media platform he bought in 2022.
Mr Musk wrote this in response to a post on the Department of government Efficiency's X handle that noted "the US government spent USD 6.16. trillion while only bringing in USD 4.47 trillion" in 2023. "This trend must be reversed, and we must balance the budget," the DOGE account added.
The establishment of DOGE to eliminate government bureaucracy and save unnecessary spending was one of President-Elect Trump's election campaign pledges. Mr. trump had suggested utilizing Bitcoin to "pay off" "USD 35 trillion" earlier this year when discussing the US's rapidly increasing debt.
The president-elect is depending on two prosperous businesspeople, vivek Ramaswamy and Elon Musk, to examine the specifics and provide suggestions to his government for budget cuts.
According to a forbes article, the US national debt surpassed USD 34 trillion at the start of 2024, primarily as a result of COVID and lockdown stimulus measures that caused inflation to skyrocket and compelled the Fed to raise interest rates at an unprecedented rate.
"Hand them a little crypto check, right?" Mr. trump remarked. According to the forbes story, "We'll give them a little bitcoin and wipe out our USD 35 trillion."
"Excess government spending is driving America into bankruptcy," Mr. Musk said in a post on X following the Republicans' "Trifacta" of victory in the US. He also added, "This debt growth is unsustainable."
The DOGE department's name is a reference to the well-known Shiba Inu dog meme from 2013, which is also connected to the cryptocurrency dogecoin. Mr. Musk claims that Dogecoin is his "favorite" cryptocurrency, and his tesla auto firm accepts it as payment.
Bitcoin is a decentralized wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital money that functions independently of both governmental and financial institutions. Bitcoin may be used as a substitute for fiat money through cryptocurrency exchanges that employ peer-to-peer transfers on a network that logs every transaction, according to Investopedia research. An open-source tool called a blockchain powers this network by chaining transaction histories to guard against tampering.
The price of bitcoin is currently USD 97,455.70, up +4.31% over the previous day.
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