Various analysts believe that Donald Trump’s US economic plans are a risk, and even one of his key allies, Elon Musk, has admitted as much. For billionaires like him, President Trump’s extreme actions may not be a serious problem, but the rest of the country may be outraged in the short term.
The US election is very close. On Tuesday, Nov. 5, the country will decide who will be its next president, and this will be the last campaign run in which either Donald Trump or Kamala Harris can persuade voters. As a result, the Republican candidates’ strategies continue to be subject to criticism.
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Elon Musk supports Trump despite possible economic crisis
User FischerKing published a brief analysis of what economic policy would look like if Donald Trump were elected president. That means it will initially consist of radical actions such as mass deportations, layoffs, and deficit cuts that cause the economy to overreact. He asserted that markets would collapse, but that the U.S. economy would be in much better shape “once the storm passes.”
Literally, this policy consists of first shaking everything up, going through a crisis, and then improving. “We will recover rapidly towards a healthier and more sustainable economy,” he said in his analysis. And to all of this, billionaire Elon Mosk simply replied, “You’re right.”
If Trump succeeds in forcing mass deportations, and Elon succeeds in attacking the government, firing people, and cutting the deficit, we will see the first serious overreaction in the economy. This economy is supported by debt (creating an asset bubble) and…
—FischerKing (@FischerKing64) October 28, 2024
Donald Trump’s promise that Elon Musk agrees with
One of Donald Trump’s campaign slogans is to establish stricter immigration policies, starting with deporting all illegal immigrants in the country (approximately 11 million people to begin with).
Similarly, President Trump is seeking to increase tariffs on foreign imports, with some tariffs potentially increasing by 10% or 20%, while some specific products could receive up to 2000%. It also says that customs duties may be imposed. It would also impose 100% tariffs on countries that “abandoned” the US dollar.
Analysts say such measures would have negative consequences for the United States. They would increase unemployment, inflation, reduce gross domestic product, increase the federal debt, and directly impact populations with low purchasing power. Despite everything, Elon Mosque continues to provide unconditional support.
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