Elon Musk Believes Donald Trump Can Save the US From Looming Debt Crisis

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In a recent interview at the All-in Summit podcast, Tesla CEO Elon Musk stated that a Donald Trump victory in the upcoming presidential election could be the country’s best shot at avoiding bankruptcy. He voiced his concerns over the growing U.S. debt crisis.

Musk’s comments on Trump’s potential presidency revolved around his belief that the latter could take decisive actions to cut government regulations and address the ballooning national debt. “If Trump wins, we’ll have a once-in-a-lifetime opportunity to implement government regulations and reductions,” Musk said during the podcast, adding that America is “heading for bankruptcy quickly, and everyone seems to be whistling past the graveyard.”

Musk’s Concerns

The billionaire entrepreneur has long been vocal about his worries regarding the U.S. government’s excessive spending habits, particularly in the realm of defense.

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According to Musk, the defense budget, which stands in the trillions, is exacerbating the debt problem. He highlighted a concerning figure: the U.S. is now paying over a trillion dollars in interest on its debt alone, a number that he says is only increasing.

Musk warned of a bleak future if these financial trends continue unchecked. “Soon, our kids or grandkids will have to pay off this trillion-dollar debt every three months, then every two months, and finally every month,” he said, painting a picture of a future where paying just the interest on the national debt could cripple the country.

Musk sees a potential Trump presidency as the key to reversing America’s course, focusing on reducing unnecessary government spending and revisiting regulations that burden the economy.

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Trump to Support Crypto

After leaving office in 2021, Trump initially called Bitcoin a “scam.” But he took a UTurn by 2024, becoming a vocal supporter of cryptocurrency, even suggesting that the U.S. could become the “crypto capital of the planet.”

The former US President has met with key figures in the industry, including BTC Inc. CEO David Bailey, and embraced the potential of digital currencies to revolutionize the U.S. financial system.

Trump’s promises to make the U.S. more crypto-friendly include plans to fire SEC Chair Gary Gensler, who is criticized for his strict regulatory stance. The presidential candidate has also voiced support for Bitcoin mining and has floated the idea of maintaining a national Bitcoin reserve.