{"id":2270894,"date":"2024-06-18T18:18:02","date_gmt":"2024-06-18T22:18:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/musk-sounds-alarm-about-deficits-under-biden-spending-america-into-oblivion\/"},"modified":"2024-06-18T18:21:42","modified_gmt":"2024-06-18T22:21:42","slug":"musk-sounds-alarm-about-deficits-under-biden-spending-america-into-oblivion","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/musk-sounds-alarm-about-deficits-under-biden-spending-america-into-oblivion\/","title":{"rendered":"Musk Warns Biden&#8217;s Deficits Could Lead to Financial Ruin: &#8216;Spending America Into Oblivion"},"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%2Fmusk-sounds-alarm-about-deficits-under-biden-spending-america-into-oblivion%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=2270894&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--><p>The provided text discusses\u200d concerns \u200cover \u200bthe\u2064 U.S. federal deficit and spending \u2062under the Biden administration, as highlighted by billionaire Elon Musk and various financial reports. According to\u2062 the Congressional \u2064Budget Office, the projected deficit for fiscal year 2024 has risen to $1.9 trillion. Musk \u200dcriticized the government&#8217;s spending\u200d habits on his \u2063<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/people-who-trash-their-family-in-public-cant-be-trusted\/\" title=\"Don't trust those who publicly criticize their own family.\">social\u200d media platform<\/a> X, emphasizing that the deficit spending is unsustainable. A significant point made in the \u200carticle is the prediction that, soon, interest on the national debt will exceed major budget items \u200blike Social Security and the \u2064Defense Department&#8217;s\u200b budget. The piece also criticizes the increase in \u2064federal spending post-COVID and during Biden\u2019s term, comparing it unfavorably to the spending under the Trump administration, and mentions the rise in interest payments due to higher Federal Reserve rates instigated to combat inflation. Lastly, \u2063it expresses apprehensions concerning \u200dthe impact\u200d of deficit spending on various sectors of the economy, calling for urgent deficit reduction to mitigate financial issues.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<header> <a href=\"https:\/\/www.westernjournal.com\/news\/\">  News <\/a>   <span> <\/p>\n<p><a href=\"https:\/\/www.westernjournal.com\/author\/randydesoto\/\">  <\/a> <\/p>\n<p> <span>   By <a href=\"https:\/\/www.westernjournal.com\/author\/randydesoto\/%20\"><span>Randy DeSoto<\/span><\/a> <\/span> <span>   June 18, 2024 at 12:28pm <\/span> <\/span>  <\/header>\n<section>\n<p>Billionaire Elon Musk warned that the level of deficit spending under President Joe Biden is unsustainable.<\/p>\n<p>The Congressional Budget Office released a new projected deficit Tuesday for fiscal 2024 of $1.9 trillion, up from its $1.6 trillion projection in February, according to <a href=\"https:\/\/thehill.com\/business\/budget\/4454050-debt-held-by-us-public-on-track-to-hit-record-high-in-next-decade-estimate\/\" target=\"_blank\" rel=\"noopener\">The Hill<\/a>.<\/p>\n<p>\u201cThe federal government is spending America into oblivion,\u201d <a href=\"https:\/\/www.westernjournal.com\/donald-trump-elon-musk-meet-discuss-potential-white-house-role-report\/\" target=\"_blank\" rel=\"noopener\">Musk<\/a> posted on his social media platform X on Tuesday.<\/p>\n<p>His comment came in response to a post by the Wall Street Silver account highlighting that we\u2019re on pace for more than $1.2 trillion in annualized interest payments on the federal debt.<\/p>\n<blockquote>\n<p dir=\"ltr\" lang=\"en\">The federal government is spending America into oblivion <a href=\"https:\/\/t.co\/Ck59Clkra7\">https:\/\/t.co\/Ck59Clkra7<\/a><\/p>\n<p>\u2014 Elon Musk (@elonmusk) <a href=\"https:\/\/twitter.com\/elonmusk\/status\/1803076707538071575?\">June 18, 2024<\/a><\/p>\n<\/blockquote>\n<p>\u201cWithin the next few years, interest on the debt will exceed Social Security payments and become the largest item in the budget,\u201d Wall Street Silver wrote.<\/p>\n<p>The post included a graphic from the<a href=\"https:\/\/www.westernjournal.com\/federal-reserves-latest-announcement-delivers-killer-blow-bidens-re-election\/\" target=\"_blank\" rel=\"noopener\"> Federal Reserve<\/a> showing the U.S. interest payments will exceed the total cost of funding the Defense Department, which has been the <a href=\"https:\/\/www.cbo.gov\/publication\/59727\" target=\"_blank\" rel=\"noopener\">largest single ticket<\/a> item besides the entitlement programs of Social Security and Medicare.<\/p>\n<blockquote>\n<p dir=\"ltr\" lang=\"en\">US <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-administration-added-4-8-trillion-to-deficits-budget-watchdog\/\" title=\"Biden Administration Added .8 Trillion to Deficits: Budget Watchdog\">federal interest payments<\/a> now exceed the defense budget. <a href=\"https:\/\/t.co\/joZadHMP0U\">pic.twitter.com\/joZadHMP0U<\/a><\/p>\n<p>\u2014 (((The Daily Shot))) (@SoberLook) <a href=\"https:\/\/twitter.com\/SoberLook\/status\/1803006741447139601?\">June 18, 2024<\/a><\/p>\n<\/blockquote>\n<p>The nonpartisan <a href=\"https:\/\/www.crfb.org\/blogs\/interest-costs-will-leapfrog-medicare-and-defense-year\" target=\"_blank\" rel=\"noopener\">Committee for a Responsible Federal Budget<\/a> further broke the interest payment number down for the fiscal year, which ends on Sept. 30.<\/p>\n<p>\u201cAt a projected $870 billion, interest will surpass total spending on national defense ($822 billion) in 2024 and grow well beyond the defense budget over time,\u201d the CRFB said.<\/p>\n<p>Further, it said, \u201cInterest costs will also slightly exceed net Medicare spending ($851 billion) this year and remain in line with Medicare costs in future years. That would make interest the second <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/studies-medicaid-rolls-improper-payments-expand-hurting-state-budgets\/\" title=\"Studies: Medicaid Rolls, Improper Payments Expand Hurting State Budgets\">largest line item<\/a> in the budget after Social Security.\u201d<\/p>\n<p>The organization projected that interest payments on the national debt will exceed $1 trillion per year by fiscal 2026.<\/p>\n<p>By way of comparison, it noted net interest payments on the debt were $223 billion in fiscal 2015 and $352 billion in fiscal 2021, which included Biden\u2019s first nine months in office.<\/p>\n<p>The reason interest payments have exploded is the massive increase in spending under Biden and the Democrats in Congress, never returning the country to pre-COVID levels.<\/p>\n<p>Additionally, the Federal Reserve <a href=\"https:\/\/www.westernjournal.com\/federal-reserve-chair-admits-confidence-rattled-wholesale-inflation-unexpectedly-surges\/\" target=\"_blank\" rel=\"noopener\">increased interest rates<\/a> to combat the 50-year-high inflation the nation experienced due in large part to too much deficit spending, economists on both sides of the political aisle <a href=\"https:\/\/www.westernjournal.com\/trumps-top-economic-advisor-lays-exact-causes-inflation-biden-falsely-blaming-others\/\" target=\"_blank\" rel=\"noopener\">have argued<\/a>.<\/p>\n<p>Total federal expenditures were <a href=\"https:\/\/www.westernjournal.com\/fact-check-biden-loves-claim-cut-deficit-numbers-highlight-painful-truth\/\" target=\"_blank\" rel=\"noopener\">$6.1 trillion<\/a> in fiscal 2023 with a deficit of $1.7 trillion under Biden, compared with $4.4 trillion and a <a href=\"https:\/\/www.cbo.gov\/publication\/56324\" target=\"_blank\" rel=\"noopener\">$984 billion<\/a> deficit in fiscal 2019 under then-President Donald Trump.<\/p>\n<div id=\"firefly-poll-container\">\n<p>Is federal deficit spending hurting Americans?<\/p>\n<\/p><\/div>\n<p>In fiscal 2020, the federal government spent <a href=\"https:\/\/www.cbo.gov\/publication\/57170\" target=\"_blank\" rel=\"noopener\">$6.6 trillion<\/a>, much of it resulting from the emergency COVID spending that Congress <a href=\"https:\/\/www.congress.gov\/bill\/116th-congress\/house-bill\/748\/all-actions\" target=\"_blank\" rel=\"noopener\">passed<\/a> on an overwhelmingly bipartisan basis that year.\u00a0 The federal deficit was $3.3 trillion.<\/p>\n<p>Some major <a href=\"https:\/\/www.westernjournal.com\/fact-check-biden-loves-claim-cut-deficit-numbers-highlight-painful-truth\/\" target=\"_blank\" rel=\"noopener\">new spending<\/a> that passed under Biden included the $1.9 trillion <a href=\"https:\/\/www.westernjournal.com\/bidens-budget-promises-deficit-cut-inflation-reduction-acts-massive-cost-overruns-cast-doubt\/\" target=\"_blank\" rel=\"noopener\">American Rescue Plan<\/a>, which had <a href=\"https:\/\/www.congress.gov\/bill\/117th-congress\/house-bill\/1319\/all-actions?overview=closed&#038;q=%7B%22roll-call-vote%22%3A%22all%22%7D\" target=\"_blank\" rel=\"noopener\">no Republican support<\/a> in Congress; the <a href=\"https:\/\/www.npr.org\/2021\/11\/15\/1055841358\/biden-signs-1t-bipartisan-infrastructure-bill-into-law#\" target=\"_blank\" rel=\"noopener\">$1 trillion infrastructure bill<\/a>, which garnered some GOP support in the Senate and a handful of members in the House; and the Inflation Reduction Act, which had <a href=\"https:\/\/www.congress.gov\/bill\/117th-congress\/house-bill\/5376\/actions#:~:text=Presented%20to%20President.-,08%2F12%2F2022%20Resolving%20differences%20%2D%2D%20House%20actions%3A%20On,51%20%2D%2050.\" target=\"_blank\" rel=\"noopener\">no GOP backing<\/a>.<\/p>\n<p>The \u201cgreen\u201d initiatives included in the IRA are costing almost three times more than the administration forecast, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-08-16\/total-cost-of-joe-biden-s-inflation-reduction-act-is-rising-one-year-later\" target=\"_blank\" rel=\"noopener\">Bloomberg<\/a> reported in August.<\/p>\n<p>In April 2023, researchers at the University of Pennsylvania\u2019s Wharton School of Business, working with the investment firm Goldman Sachs, updated their <a href=\"https:\/\/budgetmodel.wharton.upenn.edu\/estimates\/2023\/4\/27\/update-cost-climate-and-energy-inflation-reduction-act\" target=\"_blank\" rel=\"noopener\">estimated cost<\/a> of the legislation\u2019s green initiatives from $385 billion over a 10-year period to more than $1 trillion.<\/p>\n<p>The CRFB concluded regarding America\u2019s fiscal situation, \u201cThoughtful deficit reduction can help to reduce interest costs, both by lowering debt and putting downward pressure on interest rates.\u201d<\/p>\n<p>\u201cAbsent such action, debt will represent a growing threat to our economy, our health care system, and our national security,\u201d it said.<\/p>\n<hr>\n<div>\n<p><b><i>A Note from Our Deputy Managing Editor:<\/i><\/b><\/p>\n<p><i><span>\u201cWe don\u2019t even know if an election will be held in 2024.\u201d Those 12 words have been stuck in my head since I first read them. <\/span><\/i><\/p>\n<p><i><span>Former Lt. Gen. Michael Flynn recently made that comment to Floyd Brown, founder of The Western Journal. <\/span><\/i><\/p>\n<p><i><span>And if the leftists and the elites get their way, that\u2019s exactly what will happen \u2014 no real election, no real choice for the Electoral College, and no real say for the American people. <\/span><\/i><\/p>\n<p><i><span>The Western Journal is fighting to keep that from happening, but we can\u2019t do it alone.<\/span><\/i><\/p>\n<p><i><span>We work tirelessly to expose the lying leftist media and the corrupt America-hating elites.<\/span><\/i><\/p>\n<p><i><span>But Big Tech\u2019s stranglehold is now so tight that <\/span><\/i><a href=\"https:\/\/www.paypal.com\/donate\/?hosted_button_id=BM6XAWRJ8NS7A&#038;utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><i><span>without help<\/span><\/i><\/a><i><span>  from you, we will not be able to continue the fight. <\/span><\/i><\/p>\n<p><i><span>The 2024 election is literally the most important election for every living American. We have to unite and fight for our country, otherwise we will lose it. And if we lose the America we love in 2024, we\u2019ll lose it for good. Can we <\/span><\/i><a href=\"https:\/\/www.paypal.com\/donate\/?hosted_button_id=BM6XAWRJ8NS7A&#038;utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><i><span>count on you<\/span><\/i><\/a><i><span>  to help? <\/span><\/i><\/p>\n<p><i><span>With you we will be able to field journalists, do more investigative work, expose more corruption, and get desperately needed truth to millions of Americans. <\/span><\/i><\/p>\n<p><i><span>We can do this only with your help. Please don\u2019t wait one minute.<\/span><\/i><a href=\"https:\/\/www.paypal.com\/donate\/?hosted_button_id=BM6XAWRJ8NS7A&#038;utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><i><span>  Donate right now<\/span><\/i><\/a><i><span>.<\/span><\/i><\/p>\n<p><i><span>Thank you for reading,<\/span><\/i><\/p>\n<p><i><span>Josh Manning<\/span><\/i><\/p>\n<p><i><span>Deputy Managing Editor<\/span><\/i><\/p>\n<p><i><span>P.S. Please <\/span><\/i><a href=\"https:\/\/www.paypal.com\/donate\/?hosted_button_id=BM6XAWRJ8NS7A&#038;utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><i><span>stand with us<\/span><\/i><\/a><i><span>  today.<\/span><\/i><\/p>\n<\/p><\/div>\n<div id=\"author-info-44657\">\n<p><a href=\"https:\/\/www.westernjournal.com\/author\/randydesoto\/\">  <\/a> <\/p>\n<div>\n<p><label for=\"summary-tab-radio-44657\">Summary<\/label><label for=\"more-info-tab-radio-44657\">More<span> Biographical Information<\/span><\/label><label for=\"posts-tab-radio-44657\">Recent<span> Posts<\/span><\/label><label for=\"contact-tab-radio-44657\" onclick=\"if( typeof grecaptcha=='undefined' ) { let cap_s=document.createElement( 'script' ); cap_s.src='https:\/\/www.google.com\/recaptcha\/api.js?render=6LeJFcsUAAAAAPsIEqvB1EebWbZfqRUe6ebMpGy7'; document.body.appendChild( cap_s ); }\">Contact<\/label><\/p>\n<div>\n<p>Randy DeSoto has written more than 3,000 articles for The Western Journal since he joined the company in 2015. He is a graduate of West Point and Regent University School of Law. He is the author of the book &#8220;We Hold These Truths&#8221; and screenwriter of the political documentary &#8220;I Want Your Money.&#8221;<\/p>\n<\/p><\/div>\n<div>\n<p>  Birthplace <\/p>\n<p>  Harrisburg, Pennsylvania <\/p>\n<p>  Nationality <\/p>\n<p>  American <\/p>\n<p>  Honors\/Awards <\/p>\n<p>  Graduated dean&#8217;s list from West Point <\/p>\n<p>  Education <\/p>\n<p>  United States Military Academy at West Point, Regent University School of Law <\/p>\n<p>  Books Written <\/p>\n<p>  We Hold These Truths <\/p>\n<p>  Professional Memberships <\/p>\n<p>  Virginia and Pennsylvania state bars <\/p>\n<p>  Location <\/p>\n<p>  Phoenix, Arizona <\/p>\n<p>  Languages Spoken <\/p>\n<p>  English <\/p>\n<p>  Topics of Expertise <\/p>\n<p>  Politics, Entertainment, Faith <\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Billionaire Elon Musk criticized President Joe Biden&#8217;s deficit spending as unsustainable. The Congressional Budget Office updated its fiscal 2024 deficit projection to $1.9 trillion, a rise from February&#8217;s $1.6 trillion estimate, reports The Hill<\/p>\n","protected":false},"author":662,"featured_media":2270895,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.westernjournal.com\/wp-content\/uploads\/2024\/06\/Musk-Biden.jpg","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-2270894","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/www.westernjournal.com\/wp-content\/uploads\/2024\/06\/Musk-Biden.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2270894","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\/662"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2270894"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2270894\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2270895"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2270894"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2270894"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2270894"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}