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Elon Musk Issues Stark Warning Amid Rising National Debt: '...The Dollar Will Be Worth Nothing'

Ananya Gairola
May 03, 2024

Tesla and SpaceX CEO Elon Musk has expressed growing concern about the future of the U.S. dollar, citing the escalating national debt as a potential catalyst for an impending economic crisis.

What Happened: On Friday, Musk was replying to a user on X, formerly Twitter, when he voiced his apprehensions about the U.S. dollar’s stability. “We need to do something about our national debt or the dollar will be worth nothing.”

See Also: Ray Dalio Gives A Nod To Larry Summer’s Contention That Federal Reserve In A ‘Treacherous Environment’: ‘Should Be Very Cautious About Possible Rate Cutting’

He later reiterated his point, saying, “Just stating the obvious.”

Why It Matters: The U.S. national debt has been a subject of growing concern. In March, it was reported that the national debt had been increasing at an alarming rate of nearly $8.5 billion per day over the past year. As of May 2, the total national debt stands at over $34 trillion.

Last month, the issue of the U.S. national debt’s sustainability was brought to the forefront by the International Monetary Fund or IMF deputy chief, Gita Gopinath, who stressed the urgency of reducing the federal deficit from its current 7% of GDP.

“The U.S. is running [a] very large deficit for a country with a strong demand, and they still have to deal with the last mile to bring inflation down,” Gopinath stated.

Meanwhile, in an earlier post, Musk also suggested that AI could potentially solve the debt crisis. “AI will solve this (slight chance of killing us),” he said in April.

Read Next: Powell Keeps Hawks At Bay, Says Interest Rate Hike ‘Unlikely’: Stocks, Gold Rally, While Treasury Yields, Dollar Tumble

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Image via Shutterstock

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