The US gross national debt surpassed $35 trillion for the first time in July, according to data released by the Treasury Department, and currently stands at $35.35 trillion.
Speaking at the All-In Podcast’s All-In Summit 2024 event, Musk said on Monday that if former President Donald Trump wins the November presidential election, there could be an opportunity for deregulation and a reduction in the size of government, Fox Business reported.
“If Trump wins – and obviously, I suspect there are people with mixed feelings about whether that should happen – we do have an opportunity for a once-in-a-lifetime deregulation and reduction in the size of government,” Musk said. “Besides the regulations, America is also going bankrupt extremely quickly, and everyone seems to be sort of whistling past the graveyard on this one.”
Musk pointed out that interest payments on the national debt have just surpassed the Defense Department budget, topping $1 trillion this year.
Expressing concern about the growing national debt, Musk emphasized that future generations will bear the burden of repayment. “We’re adding a trillion dollars to our debt, which our kids and grandkids are going to have to pay somehow,” he said, noting that rapidly increasing interest payments will eventually consume the majority of the budget, leaving little room for other expenditures.
Musk likened the situation to an individual who has accumulated excessive credit card debt, warning that such a scenario rarely ends well. He stressed the necessity of reducing government spending to address this issue and prevent potential financial catastrophe, Fox Business reported.
Last month, during a conversation hosted by Musk with former President Donald Trump on the social media platform X, the entrepreneur proposed establishing a government efficiency commission. Trump, who received Musk’s endorsement in July following a failed assassination attempt, publicly supported the idea last week. The Republican nominee pledged to appoint Musk as the head of this panel if he wins the upcoming presidential election.
Musk confirmed his willingness to serve on the proposed government efficiency commission. In a post on X, he stated, “I look forward to serving America if the opportunity arises. No pay, no title, no recognition is needed.”