Elon Musk, the wealthiest backer of former President Donald Trump, is urging voters to accept short-term economic pain to rein in government spending. Musk believes that reducing spending would lead to long-term prosperity, even if it involves temporary hardships. Many economists are skeptical of Trump’s economic and fiscal proposals, warning that they could lead to economic calamity. Despite the US economy currently being in good shape, many Americans are still struggling with high living costs. Trump has promised to appoint Musk as chief government efficiency officer to make large cuts in government spending. Musk has proposed cutting $2 trillion from the federal budget, though the specifics are unclear. There are concerns about the feasibility of such drastic cuts, with some experts pointing out that it would require nearly all discretionary funding. Investors are scrutinizing both campaigns’ economic proposals, with fears that Trump’s plans could lead to inflation and worsen the budget deficit and debt. Overall, Musk’s call for austerity and spending cuts has sparked debate and skepticism among economists and investors.
Photo credit
www.nbcnews.com
Elon Musk predicts ‘hardship’ for Americans under a second Trump term in the economy
