Former US President Donald Trump said in a speech at an economic forum on Thursday that if elected, his administration would form an Elon Musk-inspired government efficiency commission to investigate US agencies.
Even in the United States, it is rare for an influential business leader's idea to become part of a potential election campaign agenda to become public.
In contrast, Donald Trump has endorsed the idea, which the Tesla billionaire first floated weeks ago at the Economic Club of New York to a group of high-profile academics and business leaders.
Musk said the committee's goal would be to look at how agencies spend money and eliminate “unhelpful” spending.
Donald Trump said he would create a government efficiency commission whose mission would be to “completely audit the financial performance of the federal government and make recommendations for radical reforms.”
He added that he would make America “the crypto and bitcoin capital of the world,” and was rewarded with a standing ovation from the audience. Trump also said the nation should create a sovereign wealth fund from the proceeds of the tariffs. According to Trump, the profits could be used to pay down debt. Musk pitched the idea to Trump last month during an interview with the former president on the X show.
Elon Musk Can't Wait, Not Asking For Money
after The Wall Street Journal Trump's plan to accept Musk's proposal was first reported on Thursday, with Musk writing on X: “I look forward to serving America when the opportunity arises. No salary, no title, no recognition needed.”
In August, Musk offered himself a role on the future commission: “I think it would be great to have a government efficiency commission that would look at these things and make sure that taxpayer money, taxpayer hard-earned money, is being spent well. I would be happy to help on such a commission,” Musk said during the interview.
Nothing is known about the committee yet.
In his speech, Donald Trump provided very few details about how the committee would work.
How the committee will ultimately be formed and managed has yet to be determined.
Brian Hughes, a senior adviser to the Trump campaign, told reporters on Thursday:
Hughes added that the reference in the letter is “an affirmation that Trump likes the idea and will work with Musk and others to make it happen.”
In his speech, Trump again pledged to cut corporate tax rates, impose tariffs on imported goods, and eliminate ten more rules for every new regulation.
There is mounting evidence that the U.S. economy is beginning to falter under the weight of high interest rates, so whether Trump or Vice President Kamala Harris wins the November election, their economic outlook could be worse.
Under President Joe Biden, consumers have been feeling depressed about the state of the economy, even though official government data still shows a strong economy.
But now, the data is starting to catch up with the gloomy mood. The economy created 99,000 new private-sector jobs last month, the smallest monthly gain since 2021, according to data released Thursday by payrolls firm ADP. The unemployment rate was 4.2% in July, still very low but has been rising steadily in recent months. The government will release the latest unemployment rate on Friday.
The Federal Reserve is likely to cut interest rates at its main rate meeting in a few weeks, though it’s not yet clear whether the central bank will cut rates by a quarter or half a point. Kamala Harris released a series of economic proposals this week, including a plan
Plans to raise capital gains tax to 28 percent for wealthy families.
That’s a much smaller increase than President Biden’s proposed capital gains tax rate of about 40 percent. Kamala Harris also said this week she wants to increase the small business tax credit from $5,000 to $50,000.
