Musk Weighs In on Trump’s Impact on Economy

Economists have long warned that a second Trump administration would be a boon to the ultra-wealthy and a setback for the rest of us. As the 2024 campaign season winds down, one prominent billionaire backer of the former president is voicing his agreement on the subject.

Elon Musk on Trump’s Return

On Twitter (X), Elon Musk, the billionaire owner of Tesla and (formerly) Twitter, expressed concern about potential economic crash scenarios. He posted that a Trump return to office might drastically impact the economy.

"It’s likely that if Trump succeeds in pushing 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," opined one user, @FischerKing64. Musk replied, "Sounds about right."

Trump’s Campaign Promises

Musk has aligned himself with Trump’s campaign in the waning days of the race. The former president has promised Musk an appointment as head of a "government efficiency commission" to oversee budget cuts. During an X town hall last Friday, Musk explained how such a proposal would work, emphasizing the need to live within our means.

"Reducing spending will involve some temporary hardship, but it will guarantee long-term prosperity," Musk shared. However, Musk’s economic record as owner of Twitter resulted in a significant reduction of both the workforce and the company’s value.

Economic Experts’ Warnings

Economists caution that Trump’s actual proposals would exacerbate the inflation crisis, destabilize the domestic economy, and ripple through global markets with broad-based tariffs.

A coalition of Nobel laureates recently warned, "Trump will reignite inflation and have a negative impact on the U.S.’s economic standing in the world and a destabilizing effect on the U.S.’s domestic economy." Furthermore, some segments of the public science concerning Musk’s own corporate history indicate volatility and job losses.

Musk and Trump: A Match Made in Billionaire Heaven?

Under Trump, Musk would benefit from a tax boon and hold a position to influence budget decisions adversely affecting those seeking economic stability.

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Stay tuned to Archynetys for more updates on the 2024 elections and how economic policies directly impact our daily lives.