The US economy has been going through troubled times. The swelling government spending is the root cause of the concern. Elon Musk, owner of the social media network X (formerly Twitter), believes that the US is marching toward bankruptcy at an alarming rate for the obvious reason: rising government expenditures. The current administration is certainly to blame.

According to Elon Musk, ballooning government spending is fueling inflation. Breaking this vicious cycle is not easy, the entrepreneur admits.

Previously, Elon Musk warned that a civil war could erupt in Western countries at any moment. The CEO of Tesla and SpaceX also stated that a victory for Democratic nominee Kamala Harris in the presidential election would be a “catastrophe for the United States.” Meanwhile, Republican candidate Donald Trump is viewed by Elon Musk as the one who could potentially save democracy.