Billionaire entrepreneur and Tesla CEO Elon Musk has voiced his concerns over the US trade deficit and government spending, warning that America is at risk of bankruptcy if spending is not brought under control, SİA informs via Times of India.
Speaking in an interview with Fox News on February 19, 2025, Musk criticized wasteful government expenditures and urged taxpayers to recognize the financial mismanagement affecting the country's economy.
During the discussion, Musk emphasized that the United States is running a $2 trillion annual trade deficit, which he described as “insane.” He compared the country’s economic situation to that of an individual, stating that if overspending continues, financial collapse is inevitable.
Former US President Donald Trump, who also participated in the interview, agreed with Musk’s concerns and highlighted excessive spending by the previous administration. Trump blamed waste, fraud, and abuse in government programs, arguing that funds were mismanaged on initiatives such as the Green New Deal, which he referred to as the "greatest scam in US history."
Musk also addressed criticisms surrounding cuts in government programs related to DOGE (Department of Government Efficiency), stating that an unelected bureaucracy is obstructing reforms. He argued that restoring democracy means ensuring that the president’s decisions are implemented without bureaucratic interference.
Musk’s primary concern during the interview was the United States’ growing trade deficit, which he described as a major financial risk. According to him, the country has been accumulating massive debt due to excessive imports and declining exports.
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