Elon Musk, the billionaire CEO of Tesla and SpaceX, thinks he knows the main reason behind rising prices in the US: the government is spending way more money than it earns.
Musk’s Take on Inflation
Musk says the government is simply printing more money to cover its huge budget deficit, which is leading to inflation. He believes the solution is to cut down on wasteful government spending.
Government Debt Soaring
The US Treasury Department reports that the national debt has already reached a whopping $1.5 trillion in the first ten months of this year. The Congressional Budget Office predicts it will hit $2 trillion by the end of September.
Musk Wants to Help
Musk has even offered to lend his expertise to the government to improve its finances. He’s proposed a “government efficiency commission” and says he’d be willing to join it. He warns that such a commission would face strong opposition from those benefiting from the current system.
Coinbase CEO Agrees
Brian Armstrong, CEO of cryptocurrency exchange Coinbase, agrees with Musk. He believes that inflation would disappear if the government stopped printing more money. He also promotes Bitcoin as a way to protect against inflation.
