Billionaire Elon Musk believes that only a massive boost in productivity can save the United States from bankruptcy.
In a new post on the social media platform X, Musk, who heads the Department of Government Efficiency (DOGE), says that his agency is doing its part to keep the US financially afloat as the country’s national debt continues to grow.
Musk suggests that cutting costs through DOGE is not a permanent solution to the government’s excessive spending. According to the billionaire, exponential GDP growth is the only way to offset the nation’s rapidly expanding debt burden.
“I have come to the perhaps obvious conclusion that accelerating GDP growth is essential.
DOGE has and will do great work to postpone the day of bankruptcy of America, but the profligacy of government means that only radical improvements in productivity can save our country.”
Treasury Secretary Scott Bessent appears to echo Musk’s sentiment. In a recent Fox News interview, Bessent highlights the importance of growing the US economy faster than the debt.
“We can both grow the economy and control the debt…
If we change the growth trajectory of the country, of the economy, then we will stabilize our finances and grow our way out of this.”
The latest data from the Treasury Department shows that the US federal government’s debt has ballooned to $36.215 trillion, equivalent to 122% of the country’s GDP.
Follow us on X, Facebook and Telegram
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
