Tech billionaire, and now former head of the Department of Government Efficiency (DOGE), Elon Musk is warning that Social Security, along with healthcare and defense, will soon run out of money if “deficit spending” continues.
Up until recently, Musk had been a close Trump ally, as well as an influential figure within the Republican Party. Trump and Musk had been working together on DOGE by dealing with what the pair had deemed “wasted government spending.”
Here is what you need to know.
Elon Musk warns Social Security will run out
Musk, who has been continuously opposing President Donald Trump’s “One, Big Beautiful Bill”, is now warning that “if the massive deficit spending” continues, Social Security, healthcare, and defense will all be left without funds. This comment regarding Trump’s spending package was made by Musk on June 4 on his Truth Social website.
In a 215-214 vote on May 22, Trump’s budget package was passed by the House on a narrow margin, amidst the rebellion of many Republicans. Regardless of the deep reservations shared by Republican Senators, the bill is now expected to be voted on by the Senate not too long from now. However, because of the 53-47 majority held by the GOP in the Senate, the rebel GOP cohort could have the package blocked.
In response to criticism from GOP Senator Rand Paul Trump wrote on Truth Social, “Rand votes NO on everything, but never has any practical or constructive ideas. His ideas are actually crazy (losers!). The people of Kentucky can’t stand him. This is a BIG GROWTH BILL!”
What is Musk saying?
On Thursday morning, Musk commented on a post on social media platform X that read as follows, “We pay over $100 billion per month in interest on the national debt. $1.2 trillion per year. That is about 25% of all government revenue going to pay interest on the debt.”
To this post, Musk added that, “Interest payments already consume 25% of all government revenue.”
“If the massive deficit spending continues, there will only be money for interest payments and nothing else! No social security, no medical, no defense … nothing.”
According to estimates by the Peter G. Peterson Foundation, “18.4 percent of federal revenues will be spent on debt interest payments in 2025, a figure projected to reach 22.2 percent in 2035.”
Included in Trump’s spending bill is tax breaks amounting to $4.9 trillion. Additionally, funding for defense and border security will also be increased — the funding for which will be taken partially from Social Security cuts. The debt ceiling will also be raised to $4 trillion.
The Economic Policy Institute, a left-leaning think tank, is of the belief that this bill would raise public debt “by over $3 trillion in coming years (and over $5 trillion over the next decade if provisions are made permanent rather than phasing out).”
In a Tuesday X post, Musk wrote, “I’m sorry, but I just can’t stand it anymore.”
“This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination. Shame on those who voted for it: you know you did wrong. You know it.”
“It will massively increase the already gigantic budget deficit to $2.5 trillion (!!!) and burden America citizens with crushingly unsustainable debt.”
How are others reacting?
White House press secretary Karoline Leavitt stated on Tuesday, “Look, the president already knows where Elon Musk stood on this bill. It doesn’t change the president’s opinion. This is one big, beautiful bill, and he’s sticking to it.”
House Republican Marjorie Taylor Greene said to reporters about Musk’s criticism on Tuesday, “Well, you know, I have to agree with him on one hand. I always love it when Americans are angry at the federal government and express it. I think that should’ve been happening for years now. I mean, we’re $36 trillion in debt for a reason.
“Unfortunately, in the ‘One Big Beautiful Bill,’ we had to spend some money to right the ship and pass President Trump’s campaign promises” on issues including border security and immigration enforcement, tax cuts and ‘America First energy.'”
Drawing from the high levels of concern showed by Republican in Senate, it cannot yet be said if Trump’s bill will pass through the upper chambers of Congress unscathed by major amendments.