Elon Musk isn’t just tweeting memes; he’s tackling the U.S. spending problem with his signature mix of humor and bold claims. Recently, the Tesla CEO warned that “America is currently headed for bankruptcy super fast” in a post on X (formerly Twitter), citing unsustainable government spending. According to Forbes, Musk’s concerns stem from the U.S. spending $6.16 trillion in 2023 while only generating $4.47 trillion—a budget gap he believes needs urgent attention.
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Musk Promotes “Doge Department” to Curb Spending
Musk has floated a creative solution: the Doge Department of Government Efficiency, a lighthearted nod to the meme-inspired cryptocurrency Dogecoin. While the idea may sound whimsical, Musk claims the department could potentially cut $2 trillion from U.S. expenses. The billionaire has even quipped that a “department named after a meme coin” might be the way forward.
Debt Concerns Drive Musk’s Campaign
The U.S. national debt hit $34 trillion in early 2024, fueled by pandemic-related stimulus measures and rising inflation. Musk’s posts highlight the urgency of balancing the budget, though his Dogecoin-inspired “fix” is likely more commentary than policy proposal. Still, Musk’s ability to spark discussion—whether with memes or market moves—remains unmatched, as his efforts keep the focus on America’s growing financial challenges.
Dogecoin Hits Three-Year High Amid X Speculation
In other Dogecoin-related news, the cryptocurrency itself has been on a tear, hitting a three-year high of $0.48 on Nov. 23, 2024. The surge was driven by growing speculation that Elon Musk’s X platform could integrate Dogecoin into a potential “X Payments” system. Over the past month, Dogecoin’s price skyrocketed 219%, with a single-day trading volume of $15.4 billion, making it the third-most traded cryptocurrency.
Analysts, including Javon Marks, are optimistic about its trajectory, citing strong technical indicators like the Relative Strength Index (RSI) and 50-day Exponential Moving Average (EMA). Marks predicts the token could hit $0.65 to $1.25 under favorable market conditions, while another analyst, Tardigrade, believes it might reach $1 by Q1 2025 and possibly $2.90 to $3.60 in the longer term.
At the time of writing, Dogecoin is sitting at $0.4299.
