The latest DOGE report has sounded the alarm about the increasingly severe financial crisis facing the U.S. government. In the fiscal year 2023, the country shockingly spent $6.16 trillion while only bringing in $4.47 trillion in revenue—leaving a large and growing deficit. The last time the government had a budget surplus was in 2001.
Is the United States on the brink of financial collapse? And if so, who has the boldest plan to fix the situation? Read on to find out how experts and politicians are responding to this escalating crisis.
Elon Musk warns of the risk of bankruptcy
Elon Musk does not hold back when commenting on this situation. In a post on X, Musk stated that America is "heading towards bankruptcy at an extremely fast pace."
His statement highlights growing concerns about the country's escalating financial issues and the potential consequences of continuing down this path.
To cope with the crisis, Wall Street Apes has proposed a new law that would disqualify any member of Congress from running for re-election if the deficit exceeds 3% of the country's GDP. The goal is to encourage lawmakers to act quickly to address the deficit, as they want to keep their jobs.
Warren Buffett supports this idea and believes it could quickly push Congress to manage the nation's finances more responsibly.
Trump's controversial plan: Can Bitcoin pay off the national debt?
Donald Trump has revealed how he plans to address the national debt crisis of the United States. As part of his campaign, Trump proposed creating a "strategic national Bitcoin reserve fund" to help pay off the country's $35 trillion debt. This idea has raised a lot of skepticism. Currently, the U.S. holds about 208,109 BTC, worth approximately $21 billion.
To cover the national debt, the price of each Bitcoin would need to rise to an unbelievable level of $173 million - a tremendous increase.
Even if Trump buys more Bitcoin, this could disrupt the market and drive prices too high. While a national investment fund backed by Bitcoin may seem feasible, it is risky and unrealistic due to the significant financial and economic challenges involved. With Bitcoin approaching $100,000 per coin, the worsening economic situation in the U.S. only adds to the instability.
As the financial future of the country is under threat, one thing is clear: the road ahead will require bold decisions and even more surprising ideas.
