Elon Musk agrees that a Trump victory would cause an economic collapse

Economists have repeatedly warned that a second Trump administration will: a boon for the ultra-rich, and a step back for everyone else. The 2024 campaign season is entering its final days, and the former president’s most prominent billionaire backer agrees and wants ordinary Americans to just suck it up.

on Tuesday, Elon Musk — the billionaire owner of X (formerly Twitter) and Tesla — agreed in a social media post Donald Trumpreturning to office would likely collapse the economy.

“If Trump succeeds in forcing mass deportations coupled with Elon hacking the government, laying people off and reducing the deficit, there will be a major initial overreaction in the economy” – user @FischerKing64 wrote on X. “Markets will collapse. But when the storm passes and everyone realizes that we are on stronger feet, there will be a rapid recovery towards a healthier and sustainable economy,” he added.

“Sounds pretty good,” Musk replied.

The billionaire campaigned heavily for Trump in the final weeks of the campaign, including organizing a potentially illegal cash-for-signatures program and a multimillion-dollar lottery for registered voters in key swing states. The former president, in turn, announced that Musk would be appointed head of the “government efficiency commission” under his administration and would be tasked with cutting wasteful spending.

Musk on Friday explained what he thinks such a meeting would look like during a virtual town hall organized on the X platform.

“We must cut back on spending to live within our means,” Musk said, “this will involve temporary hardships but will ensure long-term prosperity.”

The world’s richest man is unlikely to experience any material economic hardship by scissorsing the federal budget. If we take into account Musk’s own company’s record cost cutting, the consequences could be disastrous. Musk’s two-year tenure as owner of the platform formerly known as Twitter has resulted in a drastic reduction in employment at the company, as well as an estimated Reducing the company’s value by 80%. and a sharp decline in revenues.

Without complaining about immigration, the Trump campaign has made economic prosperity a central theme of its campaign message, promising potential voters exponential growth and endless prosperity. Economists say the former president’s actual proposals will have the opposite effect.

In June, a coalition of economists, Nobel Prize winners warned that Trump will “reheat” inflation and “will have a negative impact on the U.S. economic position in the world and a destabilizing effect on the U.S. domestic economy.”

Other macroeconomic experts warned that the former president’s proposal to impose sweeping tariffs on all imported goods would not only raise the prices of common goods for Americans but also cause shock waves in all world markets.

Musk, who relies on extensive government subsidies and federal contracts to finance and produce his technology projects, opposed Vice President Kamala Harris’s proposal to impose a stricter tax burden on billionaires. Under Trump, Musk would receive not only a tax break but also a position in the federal government, where his decisions, he admits, would crush Americans desperate for economic stability.