The world's largest economy and most powerful country, the United States, is on the verge of bankruptcy. This is the statement of tesla chief and the world's richest person Elon Musk, who has written this on his social media platform. These days, discussions have intensified regarding the huge debt on America, which is becoming the biggest headache for it. America's national debt has crossed 36 trillion dollars and in just four months, the debt has increased by one trillion dollars and every American citizen has become burdened with a debt of more than one lakh dollars.
On Saturday, november 23, 2024, the Department of government Efficiency, which has been formed by US President-elect donald trump, posted a data on its social media X, stating that in the financial year 2023, the US government received $ 4.47 trillion in taxes and other revenues, while the government spent $ 6.16 trillion. That is, in the financial year 2023, the government had to face a deficit of $ 2.31 trillion.
The Department of government Efficiency said that the last time a budget surplus was seen was in the year 2001 and this trend needs to be changed and we need to balance our budget. Commenting on this post of the Department of government Efficiency (DOGE), Elon Musk wrote, America is rapidly moving towards bankruptcy.
According to the Department of government Efficiency, the $4.47 trillion revenue received by the government in 2023 is from income tax, payroll tax, corporate income tax including custom duty, sales and excise tax and other sources. While the $6.16 trillion that the government had to spend was spent on social security, national defense and veterans, Medicare, aid to individuals, payment of interest on loans, transfers to states and other things.
Earlier, donald trump has prepared a plan to reduce expenditure of $ 500 billion in America through the department named Department of government Efficiency i.e. DOGE. The command of DOGE has been handed over to Elon Musk and vivek Ramaswami. Both of them will reduce expenditure in many departments in America. Under this, the departments and ministries whose expenses will be cut mainly include healthcare, grants given for children and budget reduction for NASA. donald trump has said that these two Americans will pave the way for my administration to eliminate government bureaucracy, reduce excessive regulations, cut wasteful expenditure and reorganize federal agencies, which is very important for the Save America movement.
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