{"id":1291627,"date":"2022-02-11T08:14:34","date_gmt":"2022-02-11T13:14:34","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1291627"},"modified":"2022-02-11T13:22:33","modified_gmt":"2022-02-11T18:22:33","slug":"something-has-got-to-give-elon-musk-issues-dire-warning-about-national-debt","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/something-has-got-to-give-elon-musk-issues-dire-warning-about-national-debt\/","title":{"rendered":"\u2018Something Has Got To Give\u2019: Elon Musk Issues Dire Warning About National Debt"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fsomething-has-got-to-give-elon-musk-issues-dire-warning-about-national-debt%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1291627&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/11\/Musk-scaled-2.jpg\" class=\"ff-og-image-inserted\" alt=\"image\" \/><\/div>\n<p><span>The world\u2019s richest man couldn\u2019t hold a candle to the United States government\u2019s dues.<\/span><\/p>\n<p><span>On Thursday evening, Tesla and SpaceX CEO Elon Musk noted that the national debt \u2014 which <\/span><a href=\"https:\/\/www.nytimes.com\/2022\/02\/01\/us\/politics\/national-debt-30-trillion.html\"><span>hit<\/span><\/a><span> a record high of $30 trillion last week \u2014 is not sustainable. Commenting on a headline from The Babylon Bee \u2014 \u201cBiden Goes Double Or Nothing On National Debt By Placing $30 Trillion On The Bengals\u201d \u2014 Musk pointed out that the financial implications of the debt is no laughing matter.<\/span><\/p>\n<p><span>\u201cTrue national debt, including unfunded entitlements, is at least $60 trillion \u2014 roughly three times the size of the entire US economy,\u201d he said. \u201cSomething has got to give.\u201d<\/span><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">True national debt, including unfunded entitlements, is at least $60 trillion \u2013 roughly three times the size of the entire US economy. Something has got to give.<\/p>\n<p>\u2014 Elon Musk (@elonmusk) <a href=\"https:\/\/twitter.com\/elonmusk\/status\/1491931362064015360?ref_src=twsrc%5Etfw\">February 11, 2022<\/a><\/p>\n<\/blockquote>\n<p><span>Indeed, the national debt is severely understated because the federal government does not acknowledge increases in future obligations. As Columbia Business School accounting professor Shiva Rajgopal explained for <\/span><a href=\"https:\/\/thehill.com\/opinion\/finance\/407633-think-our-20-trillion-debt-is-bad-get-a-load-of-the-real-number\"><span>The Hill<\/span><\/a><span> in 2018:<\/span><\/p>\n<blockquote>\n<p><i><span>Washington\u2019s cash-based accounting system records revenues when money is received and records expenses when they are paid. This method produces a highly inaccurate budget number that doesn\u2019t acknowledge bills that we know we must pay in the future like tax cuts, increases in benefits payable to federal employees or new obligations incurred due to promised Social Security, Medicare and Medicaid.<\/span><\/i><\/p>\n<p><i><span>If the federal government was honest with the public and followed accrual accounting in its annual budget, which would recognize the increase in future obligations, there is little doubt that politicians would have found a way to deal with the looming financial crisis on our hands\u2026<\/span><\/i><\/p>\n<p><i><span>The unrecorded debt \u2014 about $60 trillion \u2014 works out to roughly $240,000 for every adult living in the United States, but the country\u2019s median wealth is a mere $44,900 per adult.<\/span><\/i><\/p>\n<\/blockquote>\n<p><span>President Joe Biden has pushed his massive social spending agenda despite its fiscal consequences. According to the <\/span><a href=\"https:\/\/budgetmodel.wharton.upenn.edu\/issues\/2021\/11\/15\/hr-5376-build-back-better-budget-macro\"><span>Penn Wharton Budget Model<\/span><\/a><span> \u2014 a nonpartisan public policy research initiative at the University of Pennsylvania\u2019s Wharton School \u2014 if the $1.75 trillion Build Back Better Act had <\/span><a href=\"https:\/\/www.dailywire.com\/news\/national-debt-will-increase-by-24-if-build-back-better-act-provisions-made-permanent\"><span>passed<\/span><\/a><span> through Congress and received an extension on its provisions, the national debt would have ballooned by 24% within three decades.<\/span><\/p>\n<p><span>A select few lawmakers, however, are raising the alarm. Sen. Rand Paul (R-KY) <\/span><a href=\"https:\/\/www.dailywire.com\/news\/rand-paul-blasts-congress-as-u-s-nears-30-trillion-in-national-debt\"><span>blasted<\/span><\/a><span> his colleagues last year as the United States approached $30 trillion in debt.<\/span><\/p>\n<p><span>\u201cPeople are saying we\u2019re going to give you free college, free cars, free cell phones, free this, free that,\u201d Paul said. \u201cEverything in life will be free; you won\u2019t have to work anymore. The problem is there are ramifications. Money doesn\u2019t grow on trees; money\u2019s got to come from somewhere.\u201d<\/span><\/p>\n<p><span>Paul added that the government\u2019s options include borrowing money, raising taxes, or printing more dollars \u2014 the latter of which creates \u201cthe insidious tax of inflation.\u201d<\/span><\/p>\n<p><span>\u201cRight now, we\u2019re facing 5% inflation because of the massive borrowing that both parties instituted in the last year,\u201d he explained. \u201cThey decided that the result of the pandemic would be to close everything down, destroy the economy, and then give everyone free money \u2026 Both parties have a certain responsibility to this. At least some members of both parties.\u201d<\/span><\/p>\n<p><i><span>The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a <\/span><\/i><a href=\"https:\/\/www.dailywire.com\/subscribe\"><i><span>member<\/span><\/i><\/a><i><span>.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The world\u2019s richest man couldn\u2019t hold a candle to the United States government\u2019s dues.On Thursday evening, Tesla and SpaceX CEO Elon Musk noted that the national debt \u2014 which hit &#8230;<\/p>\n","protected":false},"author":1,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1291627","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1291627","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1291627"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1291627\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1291627"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1291627"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1291627"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}