In a dramatic pledge at a rally for former President Donald Trump, tech billionaire Elon Musk vowed to cut $2 trillion from the US government’s federal budget if Trump wins the 2024 election. Speaking at Madison Square Garden in New York, Musk declared, “Your money is being wasted. We’re going to get the government off your back and out of your pocket book.”
This bold promise, reported by Bloomberg, represents nearly a third of the current US government spending, which reached $6.75 trillion in fiscal year 2024 according to the Treasury Department.
Musk, who has become a prominent figure in Republican circles, faces a significant challenge in fulfilling this ambitious goal. While Trump has alluded to reducing federal debt in his campaign, he hasn’t outlined specific plans. Economists, however, warn that Trump’s proposed “tariffs” system could have disastrous consequences for the economy.
Adding to the intrigue, Trump has reportedly promised to appoint Musk to head a newly created “Department of Government Efficiency,” abbreviated as “DOGE” – a nod to the cryptocurrency Musk frequently promotes.
This proposed role, however, raises substantial concerns about potential conflicts of interest. Musk’s companies, Tesla and SpaceX, hold billions of dollars in federal contracts, having benefitted from the government’s support for electric vehicles and infrastructure projects.
Critics point out that Musk has donated heavily to Republican candidates, spending at least $132 million on Trump and other GOP members in 2024, propelling him into the party’s upper echelon. This raises further questions about the impartiality of his proposed government role.
Musk’s ambitious budget cuts have ignited a heated debate. The feasibility, potential consequences, and conflicts of interest associated with his plan remain to be seen as the 2024 election approaches.
