Elon Musk is currently the richest person on the planet. That’s probably part of why he accepts that former President Donald Trump’s economic plans will cause, in his words, “temporary difficulties” in the pursuit of a healthier economy in the years to come.

Early Tuesday morning, Musk replied with “it seems about right” to a post on his social media site The message highlights Trump’s promises to deport an estimated 11 million undocumented immigrants, Musk’s hypothetical work recommending ways to cut government spendingand massive layoffs within the federal government.

“But when the storm passes and everyone realizes that we are on firmer ground, there will be a rapid recovery towards a healthier and more sustainable economy,” added the X user. History could be written in the next two years. »

https://x.com/elonmusk/status/1851138625679081732

According to most analyzes published by economists, the Republican presidential candidate’s proposals would be extremely negative for the United States. accelerate The insolvency of Social Security, increase unemployment, increase inflationdrop in GDP, massively increase the federal debtAnd increase tax rates for the vast majority of Americans.

Trump has promised mass deportations of undocumented immigrants to extend his 2017 tax cuts and reduce taxes for many specific groups of Americans, ranging from waiters and police officers to Americans living abroad and caregivers.

His proposed compensation for these efforts is massive tariffs on foreign importsalthough it would likely just pass the buck to lower-income Americans, who spend a larger percentage of their income on goods like food and clothing. His tariff ideas range anywhere from 10-20% on all imports – with higher tariffs on Chinese imports – up to 2,000% on some specific products and 100% tariffs on countries that “ abandon » the American dollar.

Learn more: Donald Trump and the problems linked to customs tariffs

In the event that the economy buckles under the weight of Trump’s plans, Musk would not suffer. His wealth might fall a bit, given that much of it comes from his ownership of Tesla (TSLA) stock, but it would fit well overall.

His net worth is $269.3 billion, more than $50 billion more than that of the world’s second richest person, Oracle (ORCL) Larry Ellison, according to Forbes. In 2022, the average net worth in the United States was $1.063 million, while the median was $192,000, according to Investopedia.

At a town hall last week, Musk said cutting government spending would be relatively easy because of federal government waste, calling for a simplified tax code and funding cuts with no exceptions.

“We need to reduce our spending to live within our means,” Musk said. “And this necessarily involves temporary difficulties, but it will guarantee long-term prosperity. »

Trump plans for the Tesla and SpaceX CEO to lead a government commission charged with cutting federal spending in his potential administration. Musk said he could cut the federal budget by ‘at least’ $6.75 trillion 2 trillion dollars. He would be joined on that commission by Cantor Fitzgerald CEO Howard Lutnick and, potentially, by Trump’s former national security adviser, Michael Flynn, who has become widely regarded as a conspiracy theorist.

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