Elon Musk Admits Trump’s Win Caused Economic Collapse

Economists have repeatedly warned that a second Trump administration would occur. Blessing for the ultra-rich, and a comeback for everyone else. As the 2024 campaign season enters its final days, the former president’s most prominent billionaire backer agrees and wants ordinary Americans to buy into it.

on tuesday Elon Musk — the billionaire owner of X (formerly Twitter) and Tesla — admitted in a social media post: Donald Trump‘s return to office would probably collapse the economy.

“If Trump manages to push through mass deportations along with Elon hacking the government, firing people, and reducing the deficit, there will be a severe initial overreaction in the economy,” user @FischerKing64 said. wrote to x. “Markets will be disrupted. “But once the storm passes and everyone realizes that we are on stronger ground, there will be a rapid recovery towards a healthier and more sustainable economy,” he added.

“Sounds about right,” Musk replied.

The billionaire campaigned heavily for Trump in the final weeks of the campaign, including hosting a potentially illegal cash-for-signature scheme and million-dollar giveaways for registered voters in key states. The former president also promised that Musk would be appointed head of a “government efficiency commission” under his administration and tasked with cutting wasteful spending.

Musk on Friday explained how he felt such an appointment would take place during a virtual town hall hosted on X.

“We need to reduce spending to live within our means,” Musk said, adding that this “will cause some temporary difficulties, but will ensure long-term prosperity.”

The world’s richest man is unlikely to face any financial trouble as he cuts to the federal budget. If Musk’s own corporate record-breaking costs are taken into account, the results could be disastrous. Musk’s two-year tenure as owner of the platform formerly known as Twitter led to a severe contraction in the company’s workforce, resulting in an estimated 80 percent decrease in the company’s value and a sharp decline in incomes.

When he wasn’t railing on immigration, Trump’s campaign made economic health the main talking point of his election message, promising potential voters explosive growth and endless prosperity. Economists say the former president’s actual proposals would do just the opposite.

A coalition of Nobel Prize-winning economists in June warned Trump will “reignite” inflation and “will have a negative impact on the economic standing of the United States in the world and a destabilizing effect on the domestic economy of the United States.”

Other macroeconomic experts say the former president’s proposal to impose broad-based tariffs on all imported goods would not only raise prices of common goods for Americans but also shock waves across global markets.

Musk, who uses extensive government subsidies and federal contracts to finance and manufacture his tech projects, opposed Vice President Kamala Harris’ proposal to impose stricter tax burdens on billionaires. Under Trump, Musk will not only be given a tax boon, he will also be given a position in the federal government where his decisions will—by his own admission—bewilder Americans desperate for economic stability.