#shorts

Why US Economy Will Collapse...Elon Musk...Something has got to give!

Tesla CEO, Elon Musk explains why the continual overspending by the United States Government, well as Elon says (twice) "Something's Gotta Give"

A budget deficit occurs when government spending exceeds revenue. The federal government's revenue is the income it collects from taxes, fees, and investments. Currently, the United States Government brings in about 4 trillion dollars a year in taxes, while spending about 7 trillion. This equals a budget deficit of about 3 trillion dollars, but this doesn't include much more spending, including social security, interest on the deficit (currently at 30 trillion dollars and rising daily) Just imagine this debt at 1 percent interest. Doom!

When spending is less than revenue, it creates a budget surplus. This rarely happens but some politicians believe a balance budget should be the goal.

Clip used from:

'Tesla as the World’s Biggest Robot Company:' Elon Musk on AI and U.S. Innovation | WSJ
https://www.youtube.com/watch?v=lSD_vpfikbE

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