Elon Musk warns 'the US could go bankrupt'

Musk made assessments regarding the activities of DOGE in the Oval Office.

Stating that the goal of DOGE is to restore democracy, Musk said that if there is no proper feedback loop from the public to the government and if bureaucracy remains dominant, democracy loses its meaning.

Musk said, "If people cannot vote and ensure that their will is determined by elected representatives such as the President, the Senate, and the House of Representatives, then we are not living in a democracy, but in a bureaucracy."

Arguing that the bureaucracy must be accountable to the public, Musk stated that the budget deficit must be addressed. Musk expressed that if nothing is done about the budget deficit, the country "will go bankrupt."

Pointing out that interest payments on the national debt alone exceed the budget of the Department of Defense, Musk said, "We spend a lot of money on defense. But if this continues, we will bankrupt the country."

Musk assessed, "Reducing federal spending is not optional for us; it is a necessity."

Touching on some of DOGE's findings, Musk explained that they found it strange that there are quite a few people in the bureaucracy who seemingly earn a salary of a few hundred thousand dollars but somehow manage to accumulate tens of millions of dollars in wealth while in their positions.

Stating that basic controls are needed in the US Treasury, Musk noted that ministries cannot pass audits because payments lack proper categorization.

Musk said, "If money is spent poorly, if taxpayers' money is not spent through a logical approval path, then that is not right. Taxes should be spent wisely on things that matter to people. This is just common sense; it is not cruel or radical."

Furthermore, Musk claimed that some individuals receiving Social Security payments are 150 years old.

When asked about criticisms that he is "organizing a hostile takeover" of the government and doing so in a non-transparent manner, Musk replied, "People voted for major government reform, and they will get it."

News Source: AA