US Election 2024: ‘Living within our means’: Elon Musk unveils spending cuts plan if Trump is re-elected

In a virtual town hall event on Friday, Elon Musk, the multibillionaire CEO of Tesla and SpaceX, who has declared his support for Donald Trump and the Republican Party, outlined his ambitious plans for slashing federal spending if Trump is re-elected. Speaking on Musk’s own social media platform, X, the tech mogul emphasized the necessity of reducing government expenditures to secure the country’s long-term economic health.

A call for fiscal responsibility

Musk expressed his desire to take on a high-level Cabinet position under a Trump administration, stating he is "praying for a victory" for the former president.

Musk made it clear that the US must “live within our means,” suggesting that drastic budget cuts would be required to avoid economic catastrophe. “We have to reduce spending to live within our means,” Musk asserted. “That necessarily involves some temporary hardship, but it will ensure long-term prosperity.”

He claimed that his fiscal approach would allow him to “balance the budget immediately,” warning that those who benefit from government programs would likely be displeased with his plans. “A lot of people who are taking advantage of government are going to be upset about that,” Musk added.

Tackling Government waste

Musk elaborated on his vision of addressing wasteful government spending. “There is so much government waste that it’s kind of like being in a room full of targets; you can’t miss — you fire in any direction and you’re going to hit a target,” he remarked. He proposed a detailed examination of all government expenditures, insisting on a thorough review “one item at a time, no exceptions, no special cases.”

He emphasized that “everyone’s going to have to take a haircut” in the name of fiscal responsibility. “We can’t be a wastrel… We need to live honestly,” Musk stressed.

Budget cuts and Government Efficiency

At Trump’s recent rally at Madison Square Garden, Musk reiterated his commitment to cutting federal spending, claiming he could eliminate “at least $2 trillion” from the budget — nearly one-third of existing expenditures. Musk and Trump are advocating for the establishment of an Office of Government Efficiency, which would conduct a “complete financial and performance audit of the entire federal government” and provide recommendations for “drastic reforms,” according to Trump.

“Your money is being wasted,” Musk declared during the rally. “We’re going to get the government off your back and out of your pocketbook.”