DOGE head sounds alarm over US bankruptcy risk amid rising national debt

US entrepreneur Elon Musk has raised alarming concerns about the potential for the United States to face bankruptcy, citing government corruption and excessive spending as major contributing factors.

Musk, who also oversees the Department of Government Efficiency (DOGE), warned that the country's financial mismanagement could lead to a dire economic collapse, Caliber.Az reports via foreign media.

“If a country overspends, doesn’t spend money wisely, it will go bankrupt, just like a human being,” Musk stated.

"The reason I’m here [working] is because I’m very concerned that America could become bankrupt due to corruption and waste. If nothing is done, the ship called America will sink," he added.

Musk highlighted the staggering financial inefficiencies he believes are plaguing the US government, noting that fraud and waste result in a loss of approximately $2 trillion annually. The entrepreneur stressed that the US national debt, which now exceeds $36.5 trillion, has become unsustainable, with interest payments alone surpassing the entire military budget.

“The debt has been growing uncontrollably,” Musk explained. "It’s a significant issue, and the United States is on the brink of financial instability."

At present, the US public debt translates to more than $107,000 per person in the country, further underscoring the gravity of the situation. Musk’s comments reflect a broader concern regarding the government’s fiscal health and its long-term ability to manage debt without risking economic collapse.

Earlier, this February, Tesla CEO and DOGE head Elon Musk also sharply criticised the US government's spending, warning that if the growing deficit is not addressed, "America will go bankrupt."

Musk said that the average American taxpayer "should be mad as hell" over wasteful expenditures.

"The overall goal is to try to get a trillion dollars out of the deficit," Musk stated. "If the deficit is not brought under control, America will go bankrupt. This is a very important thing for people to understand. A country is no different from an individual. If an individual overspends, an individual can go bankrupt, and so can a country."

He also criticised US foreign aid and government contracts, arguing that taxpayer dollars are being "poorly spent" on ideological projects overseas.

By Vafa Guliyeva