Tech billionaire Elon Musk has expressed confidence that the U.S. deficit can be reduced by $1 trillion in the coming year, arguing that such a move would have significant economic benefits for Americans.
“I think we can take a trillion dollars out of the deficit next year,” Musk said, highlighting the urgency of addressing the country’s current $2 trillion shortfall. He noted that the deficit far exceeds economic growth and suggested that cutting it in half—down to $1 trillion—could have a stabilizing effect on inflation.
“If we can get the deficit in half, from $2 trillion to $1 trillion, and we can get economic growth to match that $1 trillion growth in the money supply, that means there will be no inflation,” he explained.
Musk further outlined the potential benefits of such a reduction, predicting that lower interest rates would follow. “Interest rates will drop—credit card interest down, mortgage interest down, car payment interest down—and prices at the store stay the same,” he said.
Calling the prospect a “great outcome for people,” Musk expressed optimism that the goal is achievable. However, he did not provide specific details on how he envisions reaching the $1 trillion reduction or what policies would be necessary to accomplish it.
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But the beneficiaries of the programs paid for will be quite annoyed. Trump’s trick will be to keep the damage limited to “blue voters” in “blue” states (who won’t vote for his party anyways). He also has to find a way to accomplish this without Congress, which will be easier said than done.