Wealthy business magnate Elon Musk is sounding the alarm about America’s massive national debt, warning that unless action is taken to tackle the problem, the U.S. dollar will become worthless.
“We need to do something about our national debt or the dollar will be worth nothing,” Musk tweeted.
The country’s national debt is more than $34 trillion, according to fiscaldata.treasury.gov.
Responding to Musk, Ed Krassenstein wrote, “The problem is that no administration wants to take on the National Debt issue because the longterm fix is likely a short term detriment to the economy.”
“Well, something’s gotta give. We should at least slow down the debt growth,” Musk replied.
GOP Sen. Rand Paul of Kentucky has suggested that the national debt is “greatest threat” to America’s national security and warned that “we are threatening the very existence of our currency, and perhaps our country, by this crazy profligate spending.”
“The national debt is the greatest threat our country faces — and we are rapidly approaching the crisis point,” Republican Sen. Mitt Romney of Utah, Democratic Sen. Joe Manchin of West Virginia, GOP Rep. Bill Huizenga of Michigan, and Democratic Rep. Scott Peters of California declared in a joint opinion piece posted on The Hill. “It is time for Congress to put the interests of the country ahead of political expediency and get us on sound fiscal footing before it is too late.”
Republican Sen. Cynthia Lummis of Wyoming has also expressed the view that “our debt is the greatest threat our country faces today.”
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