Elon Musk's concerns over U.S. debt have led him to break from the Republican Party and announce the formation of the American Party. He criticizes a recent spending bill for adding to the deficit and calls for a reexamination of spending priorities, labeling ongoing issues as a 'one-party system.' Reid Hoffman, a known Democratic donor, acknowledges Musk's focus on debt yet questions the viability of a new political party. Former economic adviser Jared Bernstein aligns with Musk's concerns, indicating a shift in his views on budget deficits.
Musk posted on X, stating, 'When it comes to bankrupting our country with waste & graft, we live in a one-party system, not a democracy. Today, the America Party is formed to give you back your freedom.' His remarks criticize the approach of tax-and-spending bills, especially regarding their implications for U.S. debt.
Reid Hoffman expressed, 'I think it's important to try to focus on the debt,' acknowledging sympathy for Musk's call to rein in deficits but doubting the America Party's potential effectiveness.
Jared Bernstein, in a New York Times op-ed, noted, 'I, like many others, have had a change of heart when it comes to U.S. debt.' He recognized a shift from previous beliefs about fiscal policy.
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