Elon Musk: Government Budget Deficit is the Main Cause of Inflation in the US

“Elon Musk,” the billionaire CEO of Tesla, believes the US federal government is responsible for the price increases in the country. He tweeted that the primary cause of inflation is the enormous budget deficit of the US government, which leads to more money printing. Musk suggested that to solve the inflation problem, unnecessary government spending should be reduced. According to data from the US Department of Treasury, the national deficit has reached $1.516 trillion in the first ten months of the 2024 fiscal year, and it is expected to reach $2 trillion by the end of the fiscal year. “Brian Armstrong,” the CEO of Coinbase, also agrees with Musk and promotes Bitcoin (BTC) as a tool to control excessive inflation.

Source: dailyhodl.com