Elon Musk agrees with Galaxy Digital CEO Mike Novogratz’s remark criticizing Trump
Elon Musk has reignited the debate on America‘s growing national debt, agreeing with a comment by Galaxy Digital Holdings Ltd (GLXY CN) CEO Mike Novogratz, who also criticized President-elect Donald Trump in that remark.
In a recent post on X, Musk reposted Novogratz’s statement, highlighting the urgency of addressing the $36 trillion in debt and 7% budget deficit.
“If we don’t fix the deficit, everything will suffer, including essential spending like DoD, Medicare & Social Security. It’s not optional,” Musk wrote while reposting Novogratz’s post.
If we don’t fix the deficit, everything will suffer, including essential spending like DoD, Medicare & Social Security.
It’s not optional. https://t.co/oxfZXuBXNB
— Elon Musk (@elonmusk) December 9, 2024
Novogratz had posted a video clip from his interview with Business UNTITLED, expressing concern over the unsustainable national debt.
In the video clip, Novogratz states that the $36 trillion national debt could lead to a “Venezuela-like” scenario if left unchecked. He criticizes both current and past administrations for failing to address the issue, specifically mentioning President Joe Biden, Vice President Kamala Harris and even Trump.
“We have a crisis in America,” Novogratz says. “$36 trillion dollars in debt, 7% budget deficit, unsustainable. It will bankrupt our children. It will end up making America look like Venezuela if we don’t deal with it.”
He adds, “And no one wanted to deal with it. No one talked about it during the, you know, Biden didn’t, Harris didn’t, and Trump didn’t really.”
“And lo and behold, the first person who started chirping about it was Elon, saying this is crazy, we need to cut government waste.”
$36T in debt and a 7% budget deficit. This is America’s biggest crisis and no one wanted to address it. Not Biden, not Harris, not Trump. But @elonmusk called it out. We need to cut government waste. He’s right. It’s time to act!!@bizuntitled pic.twitter.com/RSBIN3AP46
— Mike Novogratz (@novogratz) December 9, 2024
Musk’s reposting of Novogratz’s statement has sparked further discussion on the issue of government spending and the need for fiscal responsibility. It remains to be seen whether this renewed focus will lead to concrete action to address the growing national debt.
Featured image is a photomontage of the three individuals’ cropped photos.
Musk’s photo — Attribution: The Royal Society | Debbie Rowe, Photographer | License: CC BY-SA 3.0
Novogratz’s photo — Attribution: Photo by Seb Daly / RISE via Sportsfile (Source: https://www.flickr.com/photos/riseconf/42618703384/) | License: CC BY 2.0
Trump’s photo — Official White House Photo by Shealah Craighead | Public domain image
