Elon Musk Sounds the Alarm: The U.S. Fiscal Cliff is Imminent
In the global economic landscape, the United States has always held a pivotal position. However, Elon Musk, the leader of Tesla and SpaceX, has issued a deafening warning: if the U.S. does not implement radical reforms, it is highly likely to plunge into bankruptcy. This statement is like a boulder thrown into a calm lake, stirring up waves in both the economic and political spheres.
The national debt of the United States has run wild, as of November 21, 2024, the total federal government debt has surpassed $36 trillion for the first time and continues to rise. Such a massive debt scale is not merely a result of ordinary economic fluctuations, but a bomb that could explode at any moment. Since 1985, when the U.S. transitioned from a net creditor to a net debtor, the debt has skyrocketed. Over the past few decades, military spending during the Cold War, economic stimulus after the 2008 financial crisis, and ever-increasing social welfare expenditures have all contributed to exponential growth in debt. The government has long relied on borrowing to fill fiscal gaps, operating on a “borrow new debt to pay off old debt” model, which has left economic growth lacking substantive support, binding future generations of Americans with this heavy debt burden.
Social welfare was originally intended to be a safety net for people's livelihoods, but it has now become a heavy burden on U.S. finances. Welfare programs represented by Social Security and Medicare are becoming unsustainable under the current government spending model. Although these programs are of great significance to the American public, excessive spending and lack of effective management have led to a severe imbalance in fiscal revenue and expenditure. If unnecessary expenditures are not reduced and the welfare system reformed, U.S. finances will become overwhelmed, and bankruptcy will be merely a matter of time.
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