Elon Musk believes the US is rapidly approaching bankruptcy

Elon Musk believes that the United States may soon face bankruptcy.

“At current government spending rates, America is rapidly heading toward bankruptcy. Government overspending is triggering inflation,” Musk wrote in X.

On July 29, the U.S. Treasury Department announced that the national debt has surpassed the $35 trillion mark for the first time in their history. The Congressional Budget Office predicts it will be over $50 trillion in 2034, or over 122% of GDP.

The office estimates that the average annual growth of U.S. GDP in 2029-2034 will be 1.8%.