The billionaire Elon MuskCEO of Tesla, stated on social media that the United States is on the path to “super-fast bankruptcy,” citing the country’s growing fiscal deficits. Musk, who has become close to US President-elect Donald Trump, has suggested measures to curb public spending – including ideas inspired by the Dogecoin cryptocurrency ().
Musk posted on X (formerly Twitter) that the US government spent $6.16 trillion in 2023, while only collecting $4.47 trillion in revenue. This disparity contributed to the increase in the national debt, which surpassed the US$34 trillion mark in early 2024. According to Musk, the imbalance needs to be corrected quickly to avoid a fiscal crisis.
Musk humorously suggested the creation of a “Doge Department of Government Efficiency” as a way to reduce public spending. The name references the dog-themed cryptocurrency, which Musk has previously called his “favorite cryptocurrency.”
Read more:
Despite the relaxed tone, Musk said he believed this department could reduce US spending by $2 trillion. He mentioned the idea in response to a post on X that joked about “fixing the US with a department named after a memecoin.” Musk responded with the word “literally”, accompanied by a laughing emoji.
Musk is promoting pro-crypto names for Trump’s cabinet. Since the day of the Republican’s re-election, Bitcoin () has already risen around 40%, and Dogecoin has accumulated gains of around 150%.
Continues after advertising
Read more:
