Elon Musk warns of US bankruptcy risk

American entrepreneur Elon Musk has issued a stark warning, stating that the United States risks bankruptcy and the inability to fund essential services if urgent measures are not taken to curb the escalating national debt.

In a post on his social platform "X," Musk emphasized that failing to address the rapid growth of the national debt would lead to a depletion of funds, including those allocated for basic services.

Alarming Financial Figures

International Monetary Fund (IMF) revealed that the US government debt is projected to reach 121 percent of GDP by the end of 2024 and 131.7 percent by 2029.

Data from the US Treasury in November revealed that the national debt has surpassed a record-breaking USD 36 trillion. IMF forecasts suggest this debt could climb to 140 percent of GDP by 2032, posing significant threats to both the American and global economies.

Debt Surge Under Biden

The national debt has risen sharply during President Joe Biden's tenure, increasing from USD 28 trillion in 2021 to over USD 36 trillion currently. This surge is primarily attributed to the chronic budget deficit plaguing the United States.