Elon Musk spoke briefly at a Donald Trump campaign rally in New York on Sunday. Musk said it would save $2 trillion through government efficiency management. Musk did not provide any details about the policy changes or spending cuts he will implement.
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At a campaign rally for former President Donald Trump in New York on Sunday, Elon Musk said he would save the United States $2 trillion by managing government efficiency.
Howard Lutnick, CEO of financial services company Cantor Fitzgerald, introduced Musk at the event. While taking the stage, Lutnick asked the Tesla and SpaceX CEO, “How much do you think we can cut from the wasted $6.5 trillion Harris-Biden budget?”
“I think we can achieve at least $2 trillion,” Musk replied.
Trump previously said he would put Musk in charge of the Department of Government Efficiency — or “DOGE,” after the cryptocurrency — if he wins the election.
Musk did not explain what policy changes or spending cuts he would implement if he joined the second Trump administration. He did not immediately respond to a request for comment.
In a statement to Business Insider, a Trump campaign spokesperson said Musk “dedicated himself to America’s future” by offering to serve in a hypothetical second Trump administration “to ensure our government operates more efficiently and uses American taxpayer dollars effectively.”
“The committee will eventually have staff dedicated to this mission, and President Trump is committed to having Mr. Musk lead this committee to analyze the functions of our government,” a Trump spokesman said.
Federal government spending in fiscal year 2024 amounted to $6.75 trillion. The cuts proposed by Musk represent nearly a third of this amount.
It’s not clear where Musk’s proposed cuts will come from.
Both Trump and Vice President Kamala Harris have proposed various tax changes as part of their election campaigns. Those proposed by Trump include ending taxes on tips and overtime, lowering the corporate tax rate, increasing import tariffs, and ending taxes on Social Security benefits. Harris proposed tax breaks for new parents and homeowners as well as expanding the small business tax deduction.
When it comes to Social Security, the Committee for a Responsible Federal Budget said that neither Trump nor Harris has proposed a plan that would reform Social Security’s finances, but that Trump’s proposals would “significantly worsen Social Security’s finances.” The Trump campaign disputed the findings of the CRFB report.
The Wall Street Journal conducted a poll of 50 economists from October 4 to 8, and found that 65% said the deficit would get worse with the policies proposed by Trump.
Musk’s growing support for Trump
Musk, the world’s richest person, has become one of Trump’s strongest and most vocal supporters this election cycle.
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Musk endorsed Trump in July after the former president survived an assassination attempt during a rally in Pennsylvania.
The two discussed the issue of Musk taking a seat in Trump’s cabinet if the former president is re-elected. During a live broadcast on X in August, Musk said he would be “happy to help” with the government’s efficiency commission. In a speech in September, Trump mentioned the committee again, saying he wanted Musk to oversee the project.
Musk’s financial power translates into real action during the election campaign.
As of Friday, Musk had spent just under $119 million on the pro-Trump political action committee, America PAC.
He has been on the road in the key swing state of Pennsylvania and holding his own rallies in support of Trump.
Musk also said that he will launch a daily donation of $1 million to voters in the swing state who sign his petition affirming support for freedom of expression and the right to bear arms. Some election law experts previously told BI that the giveaway plan may be illegal.
With the election just over a week away, the race between Harris and Trump remains on the brink. A national poll conducted by The New York Times and Siena College on Friday showed Trump and Harris neck-and-neck at 48% in the popular vote.
October 28, 2024, 3:08 a.m. ET: This story has been updated with context from Musk’s comments about potentially taking on a government role, details about Musk’s political spending in the 2024 election cycle, and details about Trump and Harris’ statements. Economic proposals.
