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Ilon Musk recently said that spending bills like ‘One Big Beautiful Bill Act’ are increasing this debt.
The world’s richest businessman Ellon Musk has warned of America’s debt crisis. He said- 25% of the earnings of the US government is going into debt interest.
If this continues, then the condition will be that the government will only have money to pay interest. Nothing will be left for essential things like social security, medical, defense.
Musk recently also said that spending bills like ‘One Big Beautiful Bill Act’ are increasing this debt. He alleged that Parliament is making the country bankrupt.
Question 1: How much is the debt of America and how much interest is being paid?
answer: Ilon Musk in his post quoted an account called Wall Street Mav, stating that the US debt has reached $ 36.9 trillion, ie, about 3200 lakh crore rupees. According to World of Statistics …
- In 2024, the loan was 36.2 trillion dollars i.e. about 3111 lakh crore rupees.
- In 2011, the debt was $ 15.2 trillion, or about 1306 lakh crore rupees.
- In 14 years, the debt has been more than doubled to 36.9 trillion dollars.
At the same time, every year the US has to pay $ 1.2 trillion as interest, ie about 103 lakh crore rupees. This amount is more than the 1 trillion dollar budget of the Defense Department. Musk also said this in September 2024 at All in Podcast.
Question 2: If it continues in the same way, how much can it be in the coming years?
answer: Billionaire investor Ray Dalo said that in the next 10 years, America’s debt could reach $ 50-55 trillion, which will be 6.5–7 times the earnings. He said that America’s increasing debt could be the reason for an ‘Economic Heart Attack’.
Moody’s also said that by 2035, the debt will be 140% of GDP, which was 98% in 2024. If Trump’s tax policy continues, the condition will be worse. At the same time, the Conventional Budget Office said that by 2055 the loan will be 156% of GDP.
The date-to-GDP ratio explains how much a country’s debt (date) is compared to its annual earning (GDP). It is shown in percentage.
Suppose a country’s debt is 100 rupees and its annual earnings are 50 rupees, so the date-to-GDP ratio will be 100/50 = 200%. That is, the debt is doubled by earning.
Ray Dalo explained the credit system by connecting the body to the circulatory system. If it is used properly, it increases productivity and income. But if misused, this system could not make such income so that the debt and its interest can be paid. In easy language, the debt increases so much that there is no money left for other things.
Question 3: What will be the impact on the people there with the increase in debt on America?
answer: According to the Bypartison Policy Center, the cost of interest will increase so much that the government will not save money for necessary programs such as social security, medicare, defense. According to the Council on Foreign Relations, the cost of interest has been higher than the Medicade.
Question 4: Why is America’s debt increasing so much?
answer: The US Treasury fiscal data suggests that the government’s expenses are more than earning. When expenses are high, the government has to take loans.
- The cost for big programs increased during the Kovid-19 epidemic.
- America’s expenses have also increased due to the Ukraine crisis.
- America’s earnings have decreased due to the tax cuts of 2017.
Question 5: What is the government doing to stop it?
answer: The Trump government presented a budget in May 2025, which has a plan to cut $ 163 billion i.e. about Rs 14 lakh crore. It will cut education, health, housing and labor programs.
The state department is proposed to reduce the budget of $ 26.5 billion (about 2.28 lakh crore rupees) and 1.5 billion dollars (0.13 lakh crore rupees) of NOAA. But many organizations have opposed this, especially about the cut in the funding of students.
Question 6: Why did Musk criticize the ‘One Big Beautiful Bill Act’?
answer: In this bill, there is talk of increasing the tax cuts of 2017 and increasing the expenditure on military and border security. Musk said in the X post on 3 June that this bill would increase the budget deficit to $ 2.5 trillion ie up to Rs 215 lakh crore.
Musk wrote in his post, I can’t bear anymore. This bill is very large, absurd and full of wasteful expenses. Those who voted in its favor should be ashamed.
In another post, Musk said that in November next year we will remove all the politicians who have cheated the public.
Question 7: How many percent of GDP debt on a country is considered correct?
According to Moody’s, the country has difficulty in paying interest when there is more than 60% of debt, and economic stability is endangered.
60% of the ratio is considered correct because the country can spend a large part of its earnings in areas such as development, health, and defense without spending debt.
If this ratio increases, such as 123% in the US, the burden of interest increases, and the government has less money for the necessary expenses.
However, some economists say that developed countries such as America or Japan (whose ratio is 266%) may tolerate more debt, as their currency and economy are strong.