'A ticking time-bomb': Every American owes $108,000 in national debt and it is growing by the hour

Every American now shoulders a debt burden of $108,000 as the U.S. national debt rockets past $36 trillion.

Growing by $6.3 billion daily, this financial behemoth is not only a looming economic catastrophe but a defining challenge for Donald Trump’s second term. 

Tesla CEO Elon Musk, handpicked by Trump to tackle this crisis, has sounded an even starker warning: “America is currently headed for bankruptcy super fast.”

Musk, appointed co-head of the newly created Department of Government Efficiency (DOGE), didn’t mince words. On X, formerly Twitter, he wrote, “America is currently headed for bankruptcy super fast.” He was responding to a DOGE post highlighting a grim reality: the U.S. government spent $6.16 trillion in 2023 while generating only $4.47 trillion in revenue—a shortfall fueling the country’s economic instability.

In a separate post responding to the national debt figures, Musk called the situation “terrifying.” His assessment underscores the urgency of reversing decades of unchecked spending that have pushed the debt-to-GDP ratio to 125%, with projections hinting it could soon hit 200%.

To confront this crisis, Trump has tasked Musk and Indian-American entrepreneur Vivek Ramaswamy with dismantling bureaucratic inefficiencies and slashing wasteful expenditures. Their mission, as outlined in a Wall Street Journal op-ed, includes regulatory rollbacks, administrative reductions, and sweeping cost-cutting measures. 

"At the end of the day, all government spending is taxation," Musk declared at a recent rally in New York. “Whether through inflation or direct taxation, your money is being wasted, and the Department of Government Efficiency is going to fix that.”

Musk and Ramaswamy are already identifying areas for cuts, with Musk floating a potential $2 trillion reduction—a staggering 30% of federal spending. But the road ahead is fraught with challenges, including the duo’s ties to industries heavily regulated by the federal government, raising concerns over potential conflicts of interest.

The numbers paint a grim picture. America’s debt grew from $5.7 trillion in 2000 to $23.2 trillion by 2020, fueled by years of deficit spending and a pandemic-era surge of $16 trillion. Today, debt servicing costs are projected to surpass $1 trillion annually, siphoning funds from critical priorities like infrastructure, education, and healthcare.

With the clock ticking, Trump’s administration faces a daunting task: balancing fiscal discipline with political realities. The stakes couldn’t be higher, and how this crisis is handled will define America’s economic future—and Trump’s legacy.