Tesla and SpaceX CEO Elon Musk is warning about the skyrocketing national debt, saying that “something has got to give.”
Taking to Twitter earlier this week, Elon Musk wrote, “True national debt, including unfunded entitlements, is at least $60 trillion – roughly three times the size of the entire US economy. Something has got to give.”
True national debt, including unfunded entitlements, is at least $60 trillion – roughly three times the size of the entire US economy. Something has got to give.
— Elon Musk (@elonmusk) February 11, 2022
The US national debt is currently over $30 trillion, according to the US Debt Clock. However, Musk states that does not factor in future obligations and unfunded entitlements
After considering all the obligations, the true national debt figure is ranging from $60 trillion to $123 trillion.
This skyrocketing debt is due to President Biden pushing massive spending packages. Aside from that, his Build Back Better agenda carries a steep price tag of $1.75 trillion.
On top of that, if Congress passes Biden’s Build Back Better Act, the national debt will increase by 24 percent within 30 years if all its provisions are extended, according to the Penn Wharton Budget Model.
