If we don’t tackle the national debt, all tax revenue will go to paying interest and there will be nothing left for anything else https://t.co/BakfL5lbdE
— Elon Musk (@elonmusk) November 18, 2024
DOGE won't be able to cut enough to make a difference unless they are willing to cut entitlements.
Social Sec, Medicare and Medicaid are about $3.9 trillion. Interest on the debt was $1.1 trillion (2024). Everything else in the budget was another $2 trillion.
The budget… pic.twitter.com/eOFwzsg0Xt
— Wall Street Mav (@WallStreetMav) November 19, 2024
US Public Debt: What might it take to get debt under control?
U.S. debt has risen from around 60% of gross domestic product during the global financial crisis to roughly 120% of GDP today, $35 trillion and rising. While it’s impossible to quantify where a limit is in terms of where debt becomes explosive, some of the most commonly used forecasts today, including the Congressional Budget Office (CBO), show debt soaring well into the future.
https://www.capitalgroup.com/institutional/insights/articles/us-debt-breaking-point.html