{"id":109814,"date":"2025-11-03T00:31:37","date_gmt":"2025-11-03T00:31:37","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=109814"},"modified":"2025-11-03T00:31:37","modified_gmt":"2025-11-03T00:31:37","slug":"is-america-on-verge-of-bankruptcy-elon-musk-says-theres-no-way-us-solves-debt-crisis","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=109814","title":{"rendered":"Is America On Verge of Bankruptcy? Elon Musk Says There\u2019s No Way US Solves Debt Crisis"},"content":{"rendered":"

On Sunday, November 2, tech billionaire Elon Musk <\/span>renewed<\/span><\/a> his warning about America\u2019s fiscal outlook. He said the federal debt has grown so large that it can\u2019t be fixed without a major jump in productivity.\u00a0<\/span><\/p>\n

\u201cIf AI and robots don\u2019t solve our national debt, we\u2019re toast,\u201d Elon Musk warned, raising fresh concern that US finances are heading toward a breaking point.<\/span><\/p>\n

His comment resurfaced in new coverage of a recent podcast appearance, at a time when the national debt exceeds $38 trillion and interest costs remain high.<\/span><\/p>\n

It climbed from $37Tn in August to $38Tn by October 22, marking the fastest $1Tn increase outside the pandemic period, and coming during an ongoing federal shutdown.<\/span>
\n<\/span>
\n<\/span>US government data <\/span>shows<\/span><\/a> total public debt reached about $38.11Tn<\/span> as of October. 30, according to the Treasury\u2019s \u201cDebt to the Penny\u201d database.\u00a0<\/span><\/p>\n\n

(<\/span>Source: Congressional Budget Office<\/span><\/a>)<\/span><\/p>\n

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The FY2025 deficit was roughly $1.8 trillion, based on estimates from the Congressional Budget Office.<\/span><\/p>\n

A growing part of the problem is interest. Budget analysts say these payments have at times matched or passed some of the nation\u2019s largest programs over the past two years.\u00a0<\/span><\/p>\n

The Committee for a Responsible Federal Budget noted that interest costs surpassed spending on national defense and Medicare for much of FY2024, and current trackers <\/span>show<\/span><\/a> interest charges moving toward $1 trillion in 2025.\u00a0<\/span><\/p>\n

The 10-year Treasury yield ended last week near 4.1%, based on the Fed\u2019s constant-maturity <\/span>data.\u00a0<\/span><\/a><\/p>\n\n

(<\/span>Source: Fred<\/span><\/a>)<\/span><\/p>\n

The spread between the 10-year and 2-year yields is now slightly positive after a long inversion. Both suggest that borrowing will stay expensive even if the economy slows.<\/span><\/p>\n

The latest monthly review from the Congressional Budget Office estimates the FY2025 deficit at about $1.8 trillion. That\u2019s roughly 6% of US GDP and remains little changed from FY2024, even after accounting for tariff revenue and shifts.<\/span><\/p>\n

Longer-run CBO <\/span>forecasts<\/span><\/a> indicate that federal debt held by the public will rise from approximately 100% of GDP in 2025 to roughly 107% by 2029. The report warns that the share will continue to rise if current laws stay in place.<\/span><\/p>\n

Critics say Elon Musk is simply saying what bond markets already worry about: interest costs are higher for good, and Washington\u2019s chance to stabilize the balance sheet is shrinking. <\/span>
\n<\/span>
\n<\/span>Others say the US is not on the verge of bankruptcy because it issues debt in its own currency and still benefits from deep global demand. Even so, they argue the country needs a credible plan to slow the growth of borrowing.<\/span><\/p>\n

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The post Is America On Verge of Bankruptcy? Elon Musk Says There\u2019s No Way US Solves Debt Crisis<\/a> appeared first on 99Bitcoins<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

On Sunday, November 2, tech billionaire Elon Musk renewed his warning about America\u2019s fiscal outlook. He said the federal debt has grown so large that it can\u2019t be fixed without a major jump in productivity.\u00a0 \u201cIf AI and robots don\u2019t solve our national debt, we\u2019re toast,\u201d Elon Musk warned, raising fresh concern that US finances […]<\/p>\n","protected":false},"author":0,"featured_media":109815,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-109814","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/109814"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=109814"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/109814\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/109815"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=109814"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=109814"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=109814"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}