Congress 'making America bankrupt,' says Elon Musk — blasting 'disgusting' Trump bill he says burdens citizens Jing PanAugust 17, 2025 at 4:08 AM Elon Musk and Donald Trump We adhere to strict standards of editorial integrity to help you make decisions with confidence.
- - Congress 'making America bankrupt,' says Elon Musk — blasting 'disgusting' Trump bill he says burdens citizens
Jing PanAugust 17, 2025 at 4:08 AM
Elon Musk and Donald Trump
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Tesla CEO Elon Musk has a stark warning for Americans.
"Congress is making America bankrupt," he wrote in a June 3 post on X.
The comment came as Musk reposted a chart from X account World of Statistics, showing U.S. budget deficits from 2000 to 2024 — and the numbers are sobering.
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In fiscal 2000, the federal government posted a $236 billion surplus, followed by a $128 billion surplus in 2001. (The chart didn't distinguish between deficits and surpluses, but those two years were surpluses, according to Federal Reserve data.)
Unfortunately, that was the last time Washington ran a budget in the black.
Since 2001, the federal government has run a budget deficit every year. Beginning in 2016, rising expenditures on Social Security, health care, and interest payments on the federal debt have outpaced revenue growth.
Between fiscal years 2019 and 2021, federal spending surged by roughly 50%. The national debt has now reached an unprecedented $36.99 trillion, according to Fiscal Data, a subsidiary of the Department of the Treasury.
Musk has long criticized excess government spending, and he recently took aim at President Donald Trump's signature budget bill.
"This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination," Musk wrote on X. "Shame on those who voted for it: You know you did wrong."
He also warned that the bill could push the federal deficit to $2.5 trillion and saddle Americans with "crushingly unsustainable debt."
Will America go bankrupt?
Whether America can technically go bankrupt is a complicated question because the federal government cannot file for Chapter 11 bankruptcy reorganization.
Unless Congress chooses to let the federal government default on its debt, it can continue borrowing as long as investors remain willing to buy government bonds.
"Technically speaking, the government can't go bankrupt because it only promised to hand over a certain number of dollars; it didn't promise what the value of those dollars would be. Because the value of the dollars was never specified, the government can print enough to render the dollars nearly worthless. To the rest of us, the effect is the same as the government going bankrupt," wrote the co-hosts of the podcast Words & Numbers back in 2016.
In other words, printing money to stay afloat has significant consequences, as inflation erodes the purchasing power of the U.S. dollar.
Ray Dalio, founder of the world's largest hedge fund, Bridgewater Associates, echoed this concern earlier this year.
"There won't be a default — the central bank will come in, and we'll print the money and buy it," he told CNBC in February. "And that's where there's the depreciation of money."
How to protect your purchasing power
For many Americans, the sting of inflation still lingers. Although headline CPI has eased from its 40-year peak of 9.1% in June 2022, everyday essentials — like food and housing — remain stubbornly expensive.
The latest U.S. inflation data shows a 2.7% rise over the 12 months ending in June 2025, up from the 2.4% annual increase reported the month before.
While warning that U.S. debt is spiraling out of control, Dalio points to a tried-and-true safeguard: gold.
"People don't have, typically, an adequate amount of gold in their portfolio," he said. "When bad times come, gold is a very effective diversifier."
Gold has long served as a hedge against inflation. Unlike fiat currencies, it can't be printed in unlimited quantities by central banks — a feature that makes it especially appealing when governments ramp up spending.
It's also considered a classic safe haven. Because gold isn't tied to the fate of any single country or currency, it often sees inflows during periods of economic distress or geopolitical uncertainty, pushing prices higher.
Over the past 12 months, gold prices have surged by more than 40%.
One way to invest in gold that also provides significant tax advantages is to open a gold IRA with the help of Priority Gold.
Gold IRAs allow investors to hold physical gold or gold-related assets within a retirement account, thereby combining the tax advantages of an IRA with the protective benefits of investing in gold, making it an option for those looking to help shield their retirement funds against economic uncertainties. You can learn more with Priority Gold's free 2025 investor bundle
When you make a qualifying purchase with Priority Gold, you can get up to $10,000 in free silver.
Read more: Nervous about the stock market? Gain potential quarterly income through this $1B private real estate fund — even if you're not a millionaire. Here's how to get started with as little as $10
A time-tested income play
Gold isn't the only asset investors turn to during inflationary times. Real estate has also proven to be a powerful hedge.
When inflation rises, property values often increase as well, reflecting the higher costs of materials, labor and land. At the same time, rental income tends to go up, providing landlords with a revenue stream that adjusts for inflation.
Over the past five years, the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index has jumped by more than 50%, reflecting strong demand and limited housing supply. U.S. home prices rose by 4% between the first quarter of 2024 and the first quarter of 2025, according to the Federal Housing Finance Agency (FHFA). The average sales price of homes across the country has now exceeded $512,800, based on data from the Federal Reserve Bank of St. Louis.
Of course, high home prices can make buying a home more challenging, especially with mortgage rates still elevated. And being a landlord isn't exactly hands-off work. Managing tenants, maintenance and repairs can quickly eat into your time (and returns).
The good news? You don't need to buy a property outright — or deal with leaky faucets — to invest in real estate today. Crowdfunding platforms like Arrived offer an easier way to get exposure to this income-generating asset class.
Backed by world-class investors like Jeff Bezos, Arrived allows you to invest in shares of rental homes with as little as $100, all without the hassle of mowing lawns, fixing leaky faucets or handling difficult tenants.
The process is simple: Browse a curated selection of homes that have been vetted for their appreciation and income potential. Once you find a property you like, select the number of shares you'd like to purchase, and then sit back as you start receiving any positive rental income distributions from your investment.
Another option is Homeshares, which gives accredited investors access to the $34.9 trillion U.S. home equity market — a space that's historically been the exclusive playground of institutional investors.
With a minimum investment of $25,000, investors can gain direct exposure to hundreds of owner-occupied homes in top U.S. cities through their U.S. Home Equity Fund without the headaches of buying, owning or managing property.
With risk-adjusted target returns ranging from 14% to 17%, this approach provides an effective, hands-off way to invest in owner-occupied residential properties across regional markets.
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