United States: Visionary billionaire Elon Musk said on Wednesday, “This is a crisis,” in response to reports that the US national debt has grown by about half a trillion dollars in just three weeks.
Musk posted the warning on his social media platform X.com in response to a post by The Kobeissi Letter outlining the gravity and peril of swiftly expanding the already intimidating national debt.
According to Kobeissi’s article from Tuesday, “just in the last three weeks,” the total national debt:
The increase was USD 473 billion.
Increased for each American by USD 1,450.
Increased to an all-time high of USD 103,700 per American, reaching a record USD 35.8 trillion.
“This cannot continue. America is headed straight for bankruptcy,” Kobessi writes at the end of its essay.
In fact, US Treasury statistics support Kobeissi’s assertion that the country’s government debt increased alarmingly in just three weeks.
Between September 27 and October 21, US debt increased by over half a trillion dollars, from USD 35.3 trillion to USD 35.8 trillion.
The three-week increase of USD 473 billion is one-fifth of the $2.3 trillion gain in Fiscal Year (FY) 2024.
Over a year, the 1.3 percent increase in just three weeks would more than double the 6.9 percent increase in debt documented in FY2024, which concluded on September 30.
In the fiscal year 2024, the national debt accounted for 124 percent of the country’s GDP.
Furthermore, the interest the United States pays to finance its ever-increasing debt is a significant contributor to the country’s budgetary issues.
For the first time ever, the United States paid over USD 1.16 trillion in interest on its annual debt in FY2024.
According to Kobeissi, that equates to an average of USD 3,360 per American.
What are your thoughts on the US national debt growing by about half a trillion dollars in just three weeks?
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