'America is in the fast lane to debt slavery': Elon Musk continues tirade against Trumponomics

America has racked up over $12 trillion in new debt since 2020—matching what it took 221 years to accumulate. Elon Musk calls it “debt slavery,” and the numbers he cites paint a disturbing picture of a nation sprinting toward financial constraint with no brakes in sight.

The U.S. national debt has now soared past $36 trillion, crossing 122% of GDP and triggering alarm across markets, boardrooms, and Capitol Hill. Interest payments alone consume nearly 25% of federal revenue, a figure that could rise to one-third within a decade if current trends continue.

Musk’s warning, delivered via X alongside a viral chart, shows how sharply the fiscal landscape has shifted. After remaining relatively modest for most of U.S. history, the debt curve turned sharply vertical post-2020—fueled by pandemic-era stimulus, defense spending, and unfunded policy commitments.

Adding to the unease is the Trump-backed “One Big Beautiful Bill Act,” which seeks to raise the debt ceiling by $5 trillion. Critics argue it could plunge the country deeper into unsustainable territory, further inflating the deficit and driving up borrowing costs.

Wall Street heavyweights are sounding the alarm. JPMorgan CEO Jamie Dimon has urged action to curb spending, while hedge fund titan Ray Dalio has warned of a looming “debt crisis” if confidence in U.S. fiscal discipline erodes. The Council on Foreign Relations predicts that, without structural reforms, the debt could double again in 30 years—severely limiting the government's ability to invest in defense, infrastructure, or social programs.

Moody’s has already downgraded its outlook on U.S. sovereign credit, citing persistent deficits and political gridlock. And while the phrase “debt slavery” is not an academic term, it’s gaining traction as a shorthand for a grim future where interest payments dominate the federal budget, squeezing out everything else.

Economists caution that the threat isn’t an immediate crash but a slow erosion of economic vitality—one that could reduce job growth, depress wages, and force future generations to pay for the excesses of today.