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Elon Musk warned Monday that the U.S. is rapidly heading toward a debt default, with the national debt recently surpassing $35 trillion. Speaking at the All-In Summit 2024, Musk discussed his potential role leading a government efficiency commission if Trump wins a second term.
“If Trump wins – and obviously, I suspect there are people with mixed feelings about whether that should happen – we do have an opportunity to do kind of a once-in-a-lifetime deregulation and reduction in the size of government,” Musk said. “Because the other thing 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 highlighted that interest payments on the national debt have now exceeded the Defense Department’s budget, surpassing $1 trillion this year:
“We’re adding a trillion dollars to our debt, which our kids and grandkids are going to have to pay somehow… Interest payments are rising rapidly, so eventually the only thing we’ll be able to pay is interest. It’s just like a person at scale that has racked up too much credit card debt. This does not have a good ending, and so we have to reduce the spending.”
In July, after endorsing Trump following a failed assassination attempt, Musk proposed creating a government efficiency commission during a conversation on X. Last week, Trump backed the idea, saying he would appoint Musk to lead the panel if elected.
Musk, CEO of Tesla and SpaceX, confirmed his agreement to serve, tweeting, “I look forward to serving America if the opportunity arises. No pay, no title, no recognition is needed.”
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