Tesla CEO and DOGE Head Elon Musk has strongly criticized the current state of U.S. fiscal policy, particularly the nation’s growing trade deficit and inefficient use of taxpayer funds. In a Fox News interview aired on Tuesday, Musk expressed concern that the United States could face financial ruin unless it addresses its $2 trillion trade deficit.
Musk stated that the average American taxpayer should be “mad as hell” over how their tax money is being squandered. He warned that if the deficit isn’t controlled, “America will go bankrupt,” drawing a comparison between a country’s finances and those of an individual who could go bankrupt if overspending continues.
“The massive waste, fraud, and abuse that has led to a $2 trillion deficit — that’s what President Trump inherited when he took office,” Musk said, emphasizing the urgency of reducing the deficit. “A country is no different from an individual. If an individual overspends, they go bankrupt. The same goes for a country.”
Trump, in agreement with Musk’s assessment, added that while inflation has resurged, he is not to blame for the situation, as the previous administration was responsible for reckless spending.
“In the last four years, inflation has come back. I had nothing to do with it. These people spent money like no one has ever spent. They were given $9 trillion, and they threw it away on the Green New Scam — one of the greatest scams in U.S. history,” Trump remarked.
Trump also criticized government waste, claiming there is “hundreds of billions of dollars worth of fraud” in the system. He praised Musk for his work with DOGE, saying, “Musk is doing an amazing job,” especially in uncovering waste and fraud. “They’re finding billions in fraud and waste, and it will end up being hundreds of billions. He’s attracting smart, high-IQ individuals who are committed to fixing this,” Trump added.
Musk also responded to criticism from Democrats over cuts made by DOGE, placing blame on the bureaucracy for obstructing the implementation of presidential orders. Musk explained that the goal of DOGE was to restore the will of the people, as represented by the president, and that the opposition of unelected bureaucrats meant the U.S. was operating more as a bureaucracy than a democracy.
“There’s a vast bureaucracy opposed to President Trump and his cabinet. And if the will of the president, who represents the people, isn’t implemented, then we don’t live in a democracy. We live in a bureaucracy,” Musk said.
Trump echoed these sentiments, praising Musk as both a “great person” and a “caring person.” He reflected on how Musk had defied the odds by creating a successful car company, Tesla, and revolutionizing the automotive industry, saying, “How many people have started a car company and made it successful against big, entrenched companies?”
Trump also shared concerns about government contracts that continue paying out for years despite being set for shorter durations, questioning whether such agreements were fraudulent or influenced by corruption. “We have contracts that go forever. They were supposed to end in a few months or years, but they just keep going. There’s something crooked about it,” Trump said.
Finally, Musk suggested that the opportunity to fix the system could come through winning the election, allowing for the restoration of democracy and a rebalancing of power.
During the interview, Trump also took aim at certain media outlets, including MSNBC, CNN, PBS, AP, and CBS, labeling them as “bad, horrible, and terrible.” He even accused CBS of manipulating Kamala Harris’ answers during an interview.