In a controversial statement, billionaire businessman Elon Musk warned that the United States could go bankrupt "unexpectedly fast" ⚠️, suggesting solutions inspired by the popular cryptocurrency Dogecoin 🐕🦺💰. His comments coincided with a drop in the price of Bitcoin 📉, which fell to $95,000 after being close to the $100,000 barrier, according to CoinMarketCap reports 📊.
Public debt crisis and government spending 🏛️💳
By early 2024, the US national debt will exceed $34 trillion 📈, driven by factors including the economic stimulus linked to the Corona pandemic 🦠 and rising interest rates 📅, according to a report published by Forbes. In a post on the X platform (formerly Twitter) 🐦, Musk expressed his concern about the large gap between government spending, which amounted to $6.16 trillion 💵 in 2023, and revenues that did not exceed $4.47 trillion. Musk considered this deficit "unsustainable" 🚫.
"Department of Government Efficiency DOGE" 🛠️🐕
Musk has proposed creating a department called the Department of Government Efficiency (DOGE) 🐾, which aims to cut US spending by $2 trillion 💸. Despite the humorous name 😂, the proposal reflects Musk’s seriousness about tackling government efficiency, which he sees as a major factor in financial instability ⚙️. The choice of name is inspired by his public support for Dogecoin, which Tesla has previously adopted 🚗 as a means of payment.
A vision for economic reform 🌐💡
Musk called for cryptocurrency advocates to be included in the new US administration 📥, expressing his confidence in blockchain technology 🔗 as a means to support economic reforms 🏗️. This call came after the dismissal of a two-year lawsuit ⚖️ that accused Musk and Tesla of manipulating the price of Dogecoin with a $258 billion compensation claim 💥.
Interfering in central bank policies 🏦🤝
Musk also supported giving US presidents a greater role in Federal Reserve decisions 🇺🇸, and considered that the president's intervention may be necessary to achieve economic stability 📌, especially after former President Donald Trump's hints at the possibility of modifying the independence of the central bank 🔄.
Musk concluded his post by saying: "America is going bankrupt at breakneck speed" 🛑, calling for urgent steps to reduce the deficit and control government spending as part of his campaign to establish a more sustainable financial system 🌱💼.
