The national debt is set to reach $40 trillion in the near future if it continues to grow at its current pace. That has caught the attention of the richest man in the world.
Elon Musk has joined the likes of Bridgewater founder Ray Dalio and Treasury Secretary Scott Bessent in supporting a solution to lowering the national debt, made famous by former Berkshire Hathaway CEO Warren Buffett.
“I can end the deficit in five minutes,” Buffet said in a 2011 interview with CNBC. “You just pass a law that says that anytime there’s a deficit of more than 3% of the GDP, all sitting members of Congress are ineligible for reelection. Now, you’ve got the incentives in the right place.”
The plan received Musk’s full endorsement. “This is the way,” he wrote in June, sharing the interview in a post on X.
Last year, the national debt ballooned by $2.6 trillion, and currently stands at $38.9 trillion, or 124% of the economy, according to the U.S. Treasury.
