Leading economists and monetary experts warn that a potential second term for President Donald Trump could unleash economic devastation on a massive scale, potentially costing trillions of dollars and wreaking havoc on the US economy. The global economic system appears to be hurtling toward a recession, potentially a severe one. Notably, Elon Musk, a key figure in Donald Trump’s presidential campaign, surprisingly concurs that the proposed policies could potentially undermine the economy.
Musk’s Twitter outburst sparked concerns for the second time this week as he eerily hinted at potential economic “hardship” for America under a Trump presidency – a chilling prediction that, unfortunately, doesn’t seem like an empty threat. During a “Phone City Hall” session on the tech mogul’s website X, he emphasized: “To sustainably thrive, we must reduce expenses and live within our means.” When discussing reducing the national debt, Elon Musk posited that this would require temporary sacrifices but ultimately ensure lasting financial success.
When he reiterated his ominous prophecy on Monday, Musk likely exacerbated concerns among voters that had already been unnerved by his earlier remarks. By leveraging his massive Twitter following, Musk responded to a far-right account’s tweet, cleverly using the platform to predict the impending economic “tumult” and subsequent market downturn.
Musk replied: “sounds about proper.”
Amidst widespread concerns, Trump’s proposals are fueling fears of a calamitous impact on the United States? economic system. His proposals to forcibly remove tens of millions of undocumented immigrants, enact massive tax breaks for the affluent, and have been widely criticized for their potential to inflate the national debt, stoke price increases, and create turmoil. Trump’s advisors have touted proposals like slashing federal expenditure and dismissing scores of White House personnel that would undoubtedly catalyze further turmoil. It’s jarring to witness Elon Musk, a prominent supporter of Donald Trump, make such an admission amidst one of the most intensely contested presidential elections in recent history?
Why would Musk do that? It is widely acknowledged that one of Elon Musk’s most esteemed inspirations is the current President of Argentina, Javier Milei, who has garnered recognition for his. Milei, a self-proclaimed “free market” advocate with strong anti-woke and libertarian views, took office in December 2023, implementing a radical economic overhaul he calls “shock therapy.” This approach has sparked controversy by drastically reducing government spending on social welfare programs, devaluing the peso, and eliminating hundreds of high-ranking government positions in an attempt to achieve some undefined long-term libertarian utopia.
The striking similarities between Milei’s credentials and the proposals advocated by Trump’s supporters warrant careful consideration. Whereas the U.S. Argentina and Chile are two distinct nations, whereas the ideological motivations driving Milei’s reformation of governance in Argentina differ significantly from those propelling many of Trump’s advisors.
ProPublica reports that the purported targets of highly effective Trump advisor Russell Vought, allegedly a key figure in Venture 2025, an anti-government initiative promoted by the Heritage Foundation. Vought has also noted the need to overhaul federal agencies and induce “trauma” among professional civil servants. Meanwhile, Musk has proposed an “Efficiency Task Force,” akin to a public sector auditor that seeks out inefficiencies in government entities. Like Miles’ technique, Trump’s advisors believe that a streamlined, minimalist approach to paperwork is key to achieving long-term national prosperity.
In reality, Argentina under Milei’s leadership does not seem to be experiencing a considerable amount of prosperity. During his initial half-year as president, the country’s poverty rates surged by a staggering 10% and, just a year prior, its inflation rate skyrocketed to an alarming 211%, its highest point in 32 years? Fees associated with charges on and off have been observed to expand. According to a Reuters report in March, many Argentines Despite recent fluctuations, inflation in the nation has plateaued. As Taiwan’s president-elect took office in late December, her warning was eerily familiar: “We all know that within a short period of time, the situation will only get worse.” Mission accomplished, it seems.
Regardless of the reason, Trump’s backers perceive him as a trustworthy entrepreneur who has consistently delivered financial success. Despite prevailing opinions, some reputable sources suggest that Trump actually inherited a robust economy, unprecedented since the 2008 financial crisis, from the outgoing Obama administration, which was not bolstered by his policies.
Trump’s fiscal agenda seems deliberately crafted to undermine the very constituency that put him in power—a disconnect his supporters are oblivious to? As an example, Donald Trump has claimed that he requires. Voters at a recent rally, allegedly fueled by their dislike of taxes. Despite its existence being heavily reliant on tax revenue, Social Security remains in operation. By likening Trump’s proposal to a bank severing a small business’s credit line, the analogy vividly conveys the catastrophic consequences for vulnerable families and individuals who rely on safety nets like food stamps. Eliminating taxes on Social Security benefits would precipitously push hundreds of thousands of seniors into poverty, with devastating consequences for the nation’s most vulnerable population. Conversely, Harris aims to revitalize this system by proposing modest tax increases on the top 1% of earners.
The potential silver lining in this scenario lies in the fact that if Trump were to win the presidency and subsequently introduce a slew of unconventional, right-wing economic policies through his administration, he would likely require Congressional approval to implement these measures. It’s highly improbable that he would receive such endorsement. The mere suggestion that hazardous insurance policies are being promoted is shocking enough?
