Musk Predicts $2 Trillion Budget Savings if Trump Wins
At a recent event in New York's Madison Square Garden, Elon Musk boldly pledged to drastically reduce federal expenditure.
At a recent event in New York’s Madison Square Garden, Elon Musk boldly pledged to drastically reduce federal expenditure.
According to the billionaire businessman as well as CEO of SpaceX and Tesla, if Donald Trump is elected president in 2024, he could cut the government budget by $2 trillion. In his view, it is time to “get the government off your back and out of your pocketbook” since it is squandering money.
Trump has proposed the establishment of the Department of Government Efficiency
At the gathering, the DOGE, a new endeavor, was unveiled by Donald Trump, a major fan of Musk. Musk has previously backed Dogecoin, a cryptocurrency that is referenced in the whimsical moniker. Trump’s plan calls for Musk to head this new division and try to reduce wasteful federal expenditures.
Elon Musk said he thinks he can cut at least $2 trillion from the federal budget while at Donald Trump's rally in Madison Square Garden https://t.co/Ucy9fYDGEG
— Bloomberg Crypto (@crypto) October 28, 2024
The Discussion Is Joined by Howard Lutnick
The event was also attended by Cantor Fitzgerald CEO Howard Lutnick. He posed a direct question to Musk about how much he believed he could cut from the current Biden administration budget.
Lutnick asked Musk what savings could be made after pointing him that the House-Biden budget is $6.5 trillion.
Declaring with confidence that he thinks they could “rip off” $2 trillion from the budget, Musk emphasized that all government expenditures eventually result in taxes for the general public.
Trump’s Growing List of Tax Promises
Trump has been proposing a number of new tax schemes in addition to Musk’s. Tax benefits for family caregivers and incentives for domestic production are two examples.
However, he has not yet disclosed the specifics of his funding strategy for these projects. Trump is also pushing for additional import taxes in an effort to increase government income.
Trump is steadfast in his commitment to the idea, but economists caution that these tariffs may force American people to pay more.
Musk’s Role on the Election in 2024
During this election cycle, Musk has already contributed more than $132 million to the campaigns of Trump and other Republicans.
His noteworthy donations demonstrate his increasing clout in the 2024 election, where he is arguing for big tax and government reforms by leveraging his money and corporate standing.
Calling the race a “real election battle,” Musk also underlined the need of early voting during the event. He asked those in attendance to push their friends and relatives to cast their ballots early.
Elon Musk gave another $56 million to elect Donald Trump and other Republicans in the final weeks of the 2024 election, bringing to at least $132 million the amount spent by the world’s richest person to elevate his allies to the White House and Congress, federal filings show:… pic.twitter.com/N1tadZyVYo
— Emeka Gift Official (@EmekaGift100) October 26, 2024
The Potential Impact of Musk’s Proposal
Musk sees wasted government expenditure and wants to address it with his proposed Department of Government Efficiency. He defined a large portion of the government budget as “double spending” and underlined that taxpayers bear the final expense of both direct and indirect taxes. He pledged to “get the government out of your back pocket and pocketbook” with the proposed agency.
Focused Plan for Government Reform
Musk feels that the government spends too much money, which is why he promised a $2 trillion cut. According to Musk and Trump, their initiatives will cut unnecessary spending and increase America’s efficiency. In order to show their dedication to attaining substantial budget reductions, they established the Department of Government Efficiency.
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