Re: OT: America could go bankrupt : Musk

In article <vff719$1c300$1@solani.org>,
Jan Panteltje  <alien@comet.invalid> wrote:

America could go bankrupt – Musk
From:
https://www.rt.com/news/606373-musk-us-bankruptcy-debt/
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As rt.com may be bocked in your country, here is the article
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America could go bankrupt – Musk
The cost of servicing the federal debt will absorb tax revenue, leaving
nothing for critical needs, the tech billionaire has predicted
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The US is spiraling towards bankruptcy and will quickly go bust if
Washington doesn’t stop spending so much money,
Tesla and SpaceX CEO Elon Musk has warned.
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Musk was commenting on a post on X, which highlighted skyrocketing
interest payments on US government debt.
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“We now pay nearly $1.2 trillion per year in interest on the debt,
about 23% of all taxes, tariffs and fees collected by the US govt goes
to paying interest on the debt,”
the Wall Street Silver account posted.
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Musk replied, warning that “if there is not a radical reduction of
government expenditures,
then, just like an individual who has taken on too much debt, America
will become de facto bankrupt.”
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“The interest on the debt is trending to rapidly absorb all tax
revenue, leaving nothing for critical needs,” he added.
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Musk previously pointed out in September that the cost of servicing the
vast US federal debt has outstripped
the current defense budget, which topped $840 billion this year.
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The US Treasury announced in late July that the national debt had
surpassed $35 trillion, soaring by a trillion in a six-month period.
The current figure is $35.7 trillion, according to the US Debt Clock.
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This is not the first time the tech billionaire has sounded the alarm
over US debt.
Earlier this year, Musk said that the current rate of government
spending was putting the US in the fast lane to bankruptcy,
and that government overspending was stoking inflation.
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In September, he wrote that every trillion dollars of debt added is
money that “our kids and grandkids are going to have to pay
somehow.”
If debt keeps growing at this pace, Musk warned, the US will be trapped
in a vicious cycle where “the only thing we’ll be able to pay is
interest.”
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There are a few measures. There are 800 military bases around the globe.
Certainly some hundred around China make no sense, these could be closed.
Install a Reagan era tax for companies, unless you think Reagan is a
communist.

Groetjes Albert
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