Elon Musk, the tech billionaire behind Tesla and SpaceX, expressed alarm over the United States’ ballooning national debt, which recently surpassed $36 trillion. Musk, who has been tapped by President-elect Donald Trump to co-head a newly formed Department of Government Efficiency (DOGE), did not mince words when addressing the economic challenges ahead.
Responding to a post on X (formerly Twitter) from The Rabbit Hole newsletter, which highlighted that the national debt equates to over $106,000 per American, Musk wrote, “Terrifying tbh.”
A New Department Takes Shape
Musk and Vivek Ramaswamy, another billionaire and advocate for fiscal conservatism, have been tasked with leading DOGE. The department aims to streamline federal operations, reduce wasteful spending, and enact significant regulatory rollbacks. In a Wall Street Journal op-ed, Musk and Ramaswamy detailed their plans to pursue three key reforms: regulatory rescissions, administrative reductions, and cost savings.
“We are helping the Trump transition team build a lean squad of small-government crusaders,” Musk and Ramaswamy wrote. The pair emphasized their commitment to addressing the “bloat and inefficiency” plaguing the federal government.
The Trump-Vance transition team assured the public that DOGE would adhere to all conflict-of-interest regulations, given both leaders’ extensive business dealings with government agencies.
A Growing National Concern
The U.S. Treasury announced on Friday that the national debt had surpassed the $36 trillion mark, just four months after reaching $35 trillion. According to the Congressional Budget Office, the federal debt could climb to $56.8 trillion by 2034 if spending continues unchecked.
The majority of U.S. debt is held by the public, with significant portions owed to foreign creditors such as Japan and China. With the debt now at 121% of the nation’s GDP, experts have warned of dire economic consequences if fiscal policies do not change.
David E. Lewis, a political science professor at Vanderbilt University, described the government’s inefficiency as a major contributor to the debt crisis. “There is a degree of bloat and redundancy that warrants examination,” he noted, though he also cautioned against potential conflicts of interest in DOGE’s operations.
Musk’s Vision for Budget Cuts
Musk has outlined an ambitious goal of cutting federal spending by $2 trillion, or roughly 30% of the government’s annual expenditures. Speaking at a pre-election rally in New York, Musk stressed the urgency of addressing wasteful spending.
“At the end of the day, all government spending is taxation,” Musk said. “Whether it’s direct taxation or inflation, it’s your money being wasted.”
The entrepreneur’s focus on fiscal responsibility aligns with President-elect Trump’s vision of a more efficient federal government. Musk’s recent collaboration with Trump at a SpaceX rocket launch event further underscored their partnership in addressing national priorities.
Online Reactions to Musk’s Remarks
Musk’s candid comments on the U.S. debt sparked widespread debate online. Here’s how some netizens reacted:
- @FinanceGuruX: “Finally, someone addressing the elephant in the room. Musk’s transparency is what we need!”
- @DebbieDebtFree: “$36 trillion? Terrifying is an understatement. Glad Musk is stepping in to fix this mess.”
- @CriticCorner: “Another billionaire in politics? Conflict of interest, anyone?”
- @CryptoCraze99: “Musk talking debt while Bitcoin hits $97k—irony or inspiration?”
- @PolicyWatchPro: “DOGE sounds great on paper, but will it actually deliver results?”
- @OptimistUSA: “If anyone can fix this, it’s Musk and Ramaswamy. Let’s give them a chance.”