Elon Musk warns of skyrocketing national debt: 'Something has got to give'
The official national debt is just over $30 trillion
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Tesla and SpaceX CEO Elon Musk warned about the national debt this week saying that "something has got to give."
"True national debt, including unfunded entitlements, is at least $60 trillion – roughly three times the size of the entire US economy. Something has got to give," Musk tweeted Thursday.
Tesla CEO Elon Musk ( / Getty Images)
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The U.S. national debt currently sits at just over $30 trillion but, as Musk points out, that does not factor in unfunded entitlements and future obligations.
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When all obligations are factored in, it is estimated that the true national debt figure ranges from $60 trillion to $123 trillion.
The skyrocketing debt comes as President Biden continues to push massive spending packages including his Build Back Better agenda which comes with a price tag of $1.75 trillion.
FILE PHOTO: SpaceX founder and Tesla CEO Elon Musk visits the construction site of Tesla's gigafactory in Gruenheide, near Berlin, Germany, May 17, 2021. ( / Reuters Photos)
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According to the Penn Wharton Budget Model, if Biden’s Build Back Better Act is passed by Congress it will increase the national debt by 24% within 30 years if all of its provisions are extended.