America Turns Bankrupt: The world’s largest economy and powerful country, America (United States), is on the way to bankruptcy. This is said by Tesla chief and the world’s richest person Elon Musk who has written this on his social media platform. These days, the discussion about America’s huge debt burden has become intense and it is becoming the biggest headache for it. America’s national debt has crossed 36 trillion dollars and in just four months the debt has increased by one trillion dollars and every American citizen has a debt burden of more than one lakh dollars.
On Saturday, November 23, 2024, the Department of Government Efficiency, which has been formed by US President-elect Donald Trump, posted a data on its social media account saying that, in the fiscal year 2023, the US government will have to pay taxes and other It received 4.47 trillion dollars as revenue while the government spent 6.16 trillion dollars. That means the government has to face a deficit of 2.31 trillion dollars in the financial year 2023.
In FY2023, the US Government spent $6.16. trillion while only bringing in $4.47 trillion.
The last budget surplus was in 2001.
This trend must be reversed, and we must balance the budget. pic.twitter.com/mzLaMTZQxA
— Department of Government Efficiency (@DOGE) November 23, 2024
The Department of Government Efficiency said that the last time budget surplus was seen was in the year 2001 and this trend needs to be changed and we need to balance our budget. Commenting on this post of the Department of Government Efficiency (DOGE), Elon Musk wrote, America is rapidly moving towards the verge of bankruptcy.
America is currently headed for bankruptcy super fast https://t.co/Tm6JFJ6mef
— Elon Musk (@elonmusk) November 23, 2024
According to the Department of Government Efficiency, the $4.47 trillion revenue that the government will receive in 2023 will come from income tax, payroll tax, corporate income tax including custom duty, sales and excise tax and other sources. Whereas the government had to spend 6.16 trillion dollars on social security, national defense and veterans, Medicare, help to individuals, payment of interest on loans, transfers to states and other things.
Earlier, through the department created by Donald Trump by the name of Department of Government Efficiency i.e. DOGE, a plan has been prepared to reduce the expenses of 500 billion dollars in America. The command of DOGE has been handed over to Elon Musk and Vivek Ramaswamy. Both of these will reduce expenses in many departments in America. Under this, the expenses of the departments and ministries whose expenses will be cut are mainly those of healthcare, grants given for children and it has been said that the budget for NASA will be reduced. Donald Trump has said that, these two Americans will pave the way for my administration to eliminate government bureaucracy, reduce excessive regulations, cut wasteful spending and reorganize federal agencies which is very important for the Save America movement. .
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