Elon Musk gives another ‘America bankruptcy’ warning: ‘All tax revenue will go to paying…’

Tesla

CEO Elon Musk has issued a fresh warning about the

US economy

, saying the company may soon go bankrupt if things don’t change soon. Sharing a post on microblogging platform X (formerly Twitter), Musk wrote: “If this continues, America goes de facto bankrupt and all tax revenue will go to paying interest on the national debt with nothing left for anything else.” The tech billionaire quoted an X user Wall Street Mav @WallStreetMav who posted: “How did we arrive at a point in this country where 25% of all tax revenue goes to just paying the interest in $37 trillion in govt debt?”. The user further added:

Annually:

US govt total reveneue = about $5 trillion

US govt interest on debt = about $1.2 trillion

US govt spending = about $7 trillion

The user also shared a chart claimed to be from the U.S. Department of Treasury showing the national debt rising from $1 trillion in the 1980s to $36 trillion by 2025.

Not a first when Musk warned against rising national debt

Notably, this is not the first time that Musk has warned about rising national debt. Earlier this month, Elon Musk reacted to a tweet that showed a graph of the rising U.S. national debt. He replied with just one word: “Scary.”The tweet quickly went viral, amassing over 14 million views in a few hours. Musk’s comment highlighted growing worries among some experts and lawmakers about how long the U.S. can keep borrowing at this pace. The national debt had crossed $34 trillion due to ongoing budget deficits and higher

government spending

.Musk’s warning came at a time when Congress was debating the debt ceiling and how the government should spend money. Earlier this year, the Treasury Department asked for an extra $20 billion to keep the IRS running. In response, Musk questioned whether the IRS should even exist.