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Elon Musk, Donald Trump and spending cuts. Images taken from Musk's X account and Trump's presidential campaign website. Background generated by Meta's Llama.
Elon Musk, Donald Trump and spending cuts. Images taken from Musk's X account and Trump's presidential campaign website. Background generated by Meta's Llama.

Trump, Musk, and U.S. government spending cuts

Government spending is one of the main problems facing the U.S. economy today. How to solve it?

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The debt limit and the spending cap have become two regular players in the U.S. economic news. So much so that the issue of the size of the state has already become a political campaign issue.

The permanent threats of a total stoppage in the operation of official institutions shows that something is happening with the government of this country and that it must be solved.

This year's debt balance reached a record US$34 trillion and is expected to continue growing in the coming years. This is already a record level and seems to have no ceiling.

Alarm bells are ringing, as US$1 trillion is already being paid in interest on public debt, exceeding for the first time in history the defense budget of the United States, which is one of the highest in the world.

As a result, the issue has become a campaign issue. Donald Trump has proposed a commission to review the adjustment needs in the state, to find greater efficiencies.

“I will create a government efficiency commission tasked with conducting a complete financial and performance audit of the entire federal government and making recommendations for drastic reforms,” Trump said during an event in early September in New York.

The issue has continued to haunt the campaign. Elon Musk has insisted on his social network X about overspending and indebtedness. Such has been his stubbornness on the issue and the support that the tycoon has given to Trump's campaign, that the candidate assured that he would like Musk himself to head the commission.

The idea has been spreading and JP Morgan CEO Jamie Dimon came out in favor of the proposal. "This idea about having a fee for efficiency, I really like it. I think governments have to become more efficient, more competent," he said during an interview on CNBC.

Economic issues have had their chapter in the political debate. Some critics of President Joe Biden point out that it has been Democratic administrations that have driven up the level of debt to 100% of GDP. As a result, Democrats are still not talking tough on the fiscal issue.

Another sensitive issue in the campaign has been taxes, with the candidates agreeing on the need to reduce the burden on families and businesses.

What is clear to most citizens is that a cut in the structure of the State is needed, because the current levels of debt and spending are a clear economic danger.

que le encantaría tener en el gobierno o al menos en una comisión asesora para la reducción del gasto público y la eliminación de ineficiencias en el Estado. al magnate Elon Musk. Su papel sería ayudar en la definición de una senda de recorte del gasto público.

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