US Department of the Treasury reports

Elon Musk Proposes D.O.G.E Amid $36 Trillion US Debt Surge

Dec 1, 2024, 07:03 AM

Elon Musk has voiced concerns over the United States' rapidly increasing national debt, which has now surpassed $36 trillion. Musk has criticized the government's spending, calling for increased efficiency and transparency in how taxpayer money is utilized. He has proposed the creation of a 'Department of Government Efficiency' (D.O.G.E) to address what he describes as a 'staggering amount of waste' in federal expenditures. Musk's comments come at a time when the U.S. federal debt has skyrocketed by $2 trillion since the beginning of 2024, with the government borrowing approximately $182 billion each month. This escalation in debt has led to a national debt-to-GDP ratio of over 120%, with projections estimating it will reach 131% by 2034. The fiscal year 2024 ended with a federal deficit of $1.83 trillion, or 6.4% of GDP, highlighting the government's borrowing at a rate of $5 billion per day.