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.

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.

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.

ABOUT THE AUTHOR See More
Arslan Butt
Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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