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US on fast track to bankruptcy — Musk

"Government overspending is what causes inflation," the businessman said

NEW YORK, August 30. /TASS/. The United States may soon face bankruptcy, businessman Elon Musk said.

"At current rates of government spending, America is in the fast lane to bankruptcy. Government overspending is what causes inflation," Musk wrote on his page in the X social network.

The state debt for the first time crossed the level of $35 trillion, the US Department of the Treasury said on July 29. According to forecasts of the Congressional Budget Office, it will be over $50 trillion or more than 122% of GDP in 2034. The Office estimated that the average annual growth of US GDP will be 1.8% in 2029-2034.