Billionaire Elon Musk is worried the US will go 'bankrupt' for this reason...

livemint.com:

Elon Musk has in a post on social media platform X (formerly known as Twitter), expressed worry that the United States will go "bankrupt". "Overspending must stop or America will go bankrupt," he wrote early on March 13. Musk was responding to a post by X user @WallStreetSilv who warned that over time 100 percent of US taxpayer monies would be used to pay interest on national debt.

"This is an amazing number to watch in the next few years. Individual income taxes are about 1/2 of the govt revenue. For February, the US govt collected $120 billion from individual income taxes.

They had to spend $76 billion in February to pay interest on the national debt. We are not that far off from a day when 100% of individual income taxes are going to be required to pay for interest on the debt," he said in the post. User Wall Street Silver's back-of-the-paper calculations followed a post by another X user EJ Antoni (@RealEJAntoni) who warned that it took 63 percent of all personal income tax in February 2024 to pay interest on national debt.

"It took 63% of all personal income taxes in Feb to pay the interest on the debt - no roads, no military, no schools, no social security - JUST INTEREST," Antoni said. The big worry discussions on all three posts highlighted was that taxpayer money was being used to repay debt instead of investing in public infrastructure or initiatives. President Joe Biden revealed his ambitious $7.3 trillion FY25 budget proposal, outlining plans for increased services, tax breaks for the middle class, and price controls on March 11.