{"id":107681,"date":"2024-10-31T00:03:49","date_gmt":"2024-10-31T00:03:49","guid":{"rendered":"https:\/\/lascrucestoday.com\/newstalklc\/elon-musk-says-trumps-economic-plans-could-cause-temporary-hardship\/"},"modified":"2024-10-31T00:03:49","modified_gmt":"2024-10-31T00:03:49","slug":"elon-musk-says-trumps-economic-plans-could-cause-temporary-hardship","status":"publish","type":"post","link":"https:\/\/lascrucestoday.com\/newstalklc\/elon-musk-says-trumps-economic-plans-could-cause-temporary-hardship\/","title":{"rendered":"Elon Musk says Trump’s economic plans could cause ‘temporary hardship’"},"content":{"rendered":"
\n
Anna Moneymaker\/Getty Images<\/figcaption><\/figure>\n

(WASHINGTON, D.C.) — Elon Musk, the world\u2019s richest person, has vaulted to the forefront of the presidential campaign as a top donor and impassioned speaker in support of former President Donald Trump.<\/p>\n

Still, Musk has said in recent days that the candidate\u2019s economic plans could cause financial pain, at least in the short term.<\/p>\n

Among those proposals is the potential formation of a new \u201cgovernment efficiency commission\u201d to be led by Musk. The group would scrutinize federal spending and slash programs deemed wasteful.<\/p>\n

Speaking on a telephone town hall on Friday, Musk said spending cuts imposed by the commission would \u201cnecessarily involve some temporary hardship.\u201d Ultimately, Musk added, the cost-cutting would \u201censure long-term prosperity.\u201d<\/p>\n

\u201cWe have to reduce spending to live within our means,\u201d Musk said.<\/p>\n

Offering up another cautionary note, Musk voiced agreement with a post on X on Tuesday that warned of dire economic fallout if Trump wins the election and implements some of his key agenda items.<\/p>\n

\u201cIf Trump succeeds in forcing through mass deportations, combined with Elon hacking away at the government, firing people and reducing the deficit – there will be an initial severe overreaction in the economy,\u201d an anonymous user posted on X.<\/p>\n

\u201cMarket will tumble. But when the storm passes and everyone realizes we are on sounder footing, there will be a rapid recovery to a healthier, sustainable economy,\u201d the post added.<\/p>\n

In reply, Musk said, \u201cSounds about right.\u201d<\/p>\n

ABC News contacted Musk-owned companies, Tesla and SpaceX, in an effort to reach Musk for comment. He did not immediately respond. America PAC did not immediately respond to a request for comment.<\/p>\n

In response to ABC News’ request for comment, the Trump campaign praised Musk, saying he is uniquely equipped to help improve government efficiency.<\/p>\n

\u201cAs President Trump has said, Elon Musk is a genius, an innovator, and has literally made history by building creative, modern, and efficient systems. Elon Musk has dedicated himself to America\u2019s future by offering to serve with President Trump to ensure our government works more efficiently and uses America\u2019s taxpayer dollars effectively,” Brian Hughes, a senior adviser to the Trump campaign, told ABC News.<\/p>\n

“The commission will ultimately be staffed and dedicated to this mission, and President Trump is committed to having Mr. Musk lead this commission to analyze the functionality of our government,” Hughes added.<\/p>\n

On the campaign trail, Trump has vowed to slap tariffs of up to 20% on all imported goods and deport millions of undocumented immigrants. Economists widely view those proposals as likely to drive up consumer prices, since companies typically pass along the costs of taxes and wage increases to customers.<\/p>\n

Trump has also floated the notion of eliminating the personal income tax for all Americans. The U.S. would pay for the lost tax revenue with far-reaching tariffs, Trump told Joe Rogan last week.<\/p>\n

The individual income tax currently accounts for roughly half of the $5 trillion in revenue that the federal government brings in each year. It would be all but impossible to make up for the lost revenue with increased tariffs, experts previously told ABC News.<\/p>\n

Last year, the U.S. imported about $3.8 trillion worth of goods, the U.S. Bureau of Economic Analysis found. To generate the same amount of revenue currently brought in by the individual income tax, a tariff would have needed to be set at about 70%, said Alan Auerbach, a law professor at the University of California, Berkeley.<\/p>\n

However, a tariff of such magnitude would significantly reduce U.S. trade, slashing the total amount of imported goods and, in turn, reducing tax revenue.<\/p>\n

Musk, who leads Tesla and SpaceX, has taken an active role as both a large donor and vocal proponent backing Trump.<\/p>\n

Musk donated about $75 million to a pro-Trump Super PAC over a three-month period ending in September, according to disclosures filed to the Federal Election Commission. Musk, who owns X, frequently posts messages in support of Trump on the social media platform, where he boasts more than 202 million followers.<\/p>\n

The U.S. national debt currently stands at about $35 trillion. President Joe Biden has added to the national debt over the course of his term in office, just as Trump did.<\/p>\n

Vice President Kamala Harris\u2019 economic plans would increase primary deficits by $1.2 trillion over the next 10 years, according to a budget model created by the University of Pennsylvania\u2019s Wharton School of Business. The plans put forward by Trump, meanwhile, would increase primary deficits by $5.8 trillion over that period, the model found.<\/p>\n

Speaking on a telephone town hall on Friday, Musk vowed to closely examine the federal budget if appointed head of a potential \u201cgovernment efficiency commission.\u201d<\/p>\n

The role means \u201clooking at every line item, every expense, and saying is this necessary at all?\u201d Musk said.<\/p>\n

Copyright \u00a9 2024, ABC Audio. All rights reserved.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Anna Moneymaker\/Getty Images (WASHINGTON, D.C.) — Elon Musk, the world\u2019s richest person, has vaulted to the forefront of the presidential campaign as a top donor and impassioned speaker in support of former President Donald Trump. Still, Musk has said in recent days that the candidate\u2019s economic plans could cause financialRead More →<\/a><\/span><\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[156,31,2],"tags":[273,271,276,274,270,123,275,133,124,272,102,103],"yoast_head":"\nElon Musk says Trump's economic plans could cause 'temporary hardship' - FM News Talk 92.7 \/ 1450AM KOBE<\/title>\n<meta name=\"description\" content=\"TALK, DONE RIGHT\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/lascrucestoday.com\/newstalklc\/elon-musk-says-trumps-economic-plans-could-cause-temporary-hardship\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Elon Musk says Trump's economic plans could cause 'temporary hardship' - 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