The richest man in the world, Elon Musk, head of Tesla, SpaceX and the social network X, has proposed to Republican candidate Donald Trump that he create a commission to review the efficiency of the American public sector and has offered to chair it. Donald Trump has taken up the challenge and on Thursday, at a conference at an economic forum in New York, he announced that if he returns to the White House he will entrust the tycoon with the “drastic” reform of the federal government apparatus.
The commission would be “charged with conducting a full financial and performance audit of the entire federal government and making recommendations for sweeping reforms.” “Elon, not being very busy, has agreed to lead that task force,” Trump added of Musk’s appointment, praising him as “the biggest cutback.”
“I am looking forward to serving the United States if the opportunity presents itself. I do not need a salary, a title, or recognition,” Musk tweeted, linking the news that Trump will count on him and his proposal.
Elon Musk has become a staunch propagandist for Trump. He relentlessly spreads lies about Democrats and their presidential candidate, Kamala Harris, through his social network, X, where he has 197 million followers and where misinformation has been rife since he bought it two years ago. Musk implemented a plan of efficiency on the old Twitter with drastic reforms, laying off most of the workforce, but also causing the company’s revenue and valuation to plummet.
Musk is, however, a successful businessman with a huge following and something of a Midas. His new artificial intelligence company was valued at $24 billion (21.6 billion euros) in less than a year. SpaceX is the second most valuable privately held company in the world, behind only ByteDance, the owner of TikTok. And Tesla has made him a billionaire thanks to the success of the company (which is currently in decline).
The Republican presidential candidate, in a speech to the Economic Club of New York, claimed Thursday that in 2022 “fraud and improper payments alone cost taxpayers hundreds of billions of dollars,” without justifying that claim. Trump said the commission would recommend “drastic reforms” and develop a plan to eliminate fraud and improper payments within six months, which he said would save trillions of dollars. “We have to do it,” Trump said. “We can’t continue as we are now.” Trump also promised to eliminate 10 government regulations for every new regulation implemented if elected in November.
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Tax cuts
The Republican candidate has presented to the business community a protectionist economic programme that will include reductions in the corporate tax rate to 15% (from the current 21%) for companies that manufacture their products in the United States. “We want to manufacture our products in the United States and in most cases we can. If you subcontract, relocate or replace American workers, you will not be eligible for any of these benefits,” he said.
He will also extend tax cuts for corporations and higher incomes in general, although for all this it would not be enough for him to return to the White House; he would also need a majority in both chambers of Congress. Trump and Harris are competing with tax proposals that are not within their competence, although they can try to push through them.
Trump has also laid out his proposals to combat a non-existent energy crisis. He has said he will immediately issue a “national emergency declaration” to “blow through all bureaucratic hurdles to quickly issue approvals for new drilling, new pipelines, new refineries, and new power plants and reactors.” The United States has actually been breaking records for oil and natural gas production and exporting energy abroad.
The former president has also tilted at other windmills, attributing to Kamala Harris measures that she does not subscribe to. In fact, he has said that if his Democratic rival wins the elections, the United States will suffer an economic cataclysm on the scale of the Great Depression, a claim that is completely baseless. The former president refers to his rival as “Comrade Kamala” and accuses her of being a communist, again without any basis for this.
“I’m promising low taxes, low regulations, low energy costs, low interest rates, secure borders, low, low, low crime,” Trump said Thursday, slipping into his economic speech other points he considers important for the election campaign. The reference to low interest rates, on the other hand, revives the spectre of interventionism in the Federal Reserve, which is responsible for setting the price of money independently.
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