Posted on 06/04/2025 3:23:08 PM PDT by Libloather
Elon Musk has warned "if the massive deficit spending continues," there will be no money for Social Security, health care or defense, as he continues opposition to President Donald Trump's "Big Beautiful Bill."
The tech billionaire and former head of the Department of Government Efficiency (DOGE) made the comment about Trump's spending package on his Truth Social website in the early hours of June 4.
Newsweek contacted Musk for comment via the SpaceX and Tesla press offices outside of regular office hours on Wednesday.
Why It Matters
The House narrowly passed Trump's budget package on May 22 in a 215-214 vote, despite a number of Republicans rebelling. The bill is expected to be voted on by the Senate shortly, and several Republican Senators have already expressed deep reservations. The GOP has a 53-47 majority in the Senate, meaning a handful of GOP rebels could block the package.
Musk is an influential figure within the Republican Party and, until recently, was a close Trump ally, working to cut what the two men and DOGE regarded as wasted government spending.
What To Know
On Thursday morning on his X website, Musk shared a post saying: "We pay over $100 billion per month in interest on the national debt. $1.2 trillion per year. That is about 25% of all government revenue going to pay interest on the debt."
(Excerpt) Read more at newsweek.com ...
But the House will get to work on $9B in DOGE cuts tomorrow.
Elon also needs to realize the Republican Party has smallest majority they’ve ever had in the history of the house and the type of bill he wants would never ever get through and probably have 30-40 Republicans voting against it.
I’m sticking with he and Trump are laying good cop, bad cop.
This reminds me of Elon’s tone deaf remarks on the visas. When he’s wrong his bullheadedness can really carry him over the line.
Just ignoring him for now. He’s like a bull in a china shop. Angry and not talking sense.
Easy peasy. Declare bankruptcy and renege on those pesky interest payments.
Reverse Psychology at a 4D level is in play here. Those who wish to destroy the country are so confused.
Musk said the same thing before DOGE began. He anticipated 2 tril in cuts by DOGE....he wasn’t even close.
My gut says the same. We have to keep winning.
“Maybe back to the drawing board time.”
One of the most astute comments I have heard yet.
He is right. The right is acting just like the Democrats. Money grows on trees and is endless. “We need a limitless Credit Card!”
Congress spends like a senseless teenager. Why would you do this for a teenager?
It is up to Trump to prove him wrong.
Small majority in House is good reason to drive off the cliff into bankruptcy?
Please heed dire warning by most successful business man in the world. He did not become world’s richest human without extra ordinary intellect on economic matters. Politicians are addicted to spending OPM Other People’s Money.
Mr Musk thank you for trying to kill this abomination of a bill.
That would hurt Americans the most since most debt is held by Americans in treasuries, pensions & municipal funds, as well as by the Fed & State/Local governments.
Musk is not that kind of businessman, Trump is. Musk is an inventor & entrepreneur not an economist. That’s pretty obvious since he is clueless about the issues of the BBB, and the interaction between debt, taxes, growth, tariff and recession.
Ha! Musk is 50 times smarter in economic matters than Trump based on actual record of achievements. He would be even much more rich by not leading DOGE. He sacrificed profits from Tesla to help this country slow down on its drive towards bankruptcy.
After Years of Biden Stagnation, Growth Roars Back Under Trump. After four years of poor economic policy, the Atlanta Fed is predicting massive GDP growth in the second quarter of 2025. They initially predicted the GDP to grow by 3.8%, but the estimate has surged to a purported 4.6% increase
It was Americans who spent 36 trillion dollars we didn't have.
it was american politicians that spent money we didn’t have... and continue to do so to this day everyday...
Jeez…now he sounds like a democrat.
The nasty “secret” no one is talking about it that the Social Security system is kept afloat by the interest its being paid on the Treasuries it buys every year.
So, if the government wanted to, they could simply stop paying the interest on those bills/bonds. No one would notice. And all of a sudden the debt would be several trillion less than it is today. Problem solved.
Social security is going to be fine.
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