The United States of America billionaire and head of the Department of Government Efficiency, Elon Musk, has said the country must reduce federal spending to avoid slipping into bankruptcy.
Elon Musk disclosed this in a video he posted on his official X account on Monday.
According to him, all federal spending in the US stems from taxation, either through direct tax or inflation.
“All federal spending is taxation. It is either direct tax revenue or inflation (they just print money). We have to reduce federal spending, or we will go bankrupt as a country,” he stated in the short video.
This comes as DOGE-backed President Donald Trump had continued to ramp up investigation and review on spending across US federal agencies.
The US International Development Agency, Department of Treasury, Education, Health, Agriculture, and Defence are worse hit by DOGE’s sledgehammer aimed at cutting costs.
Recall that DOGE terminated 586 wasteful contracts across 10 federal agencies in the US valued at $2.1 billion.