After spending the final 4 years whining about President Joe Biden’s envy-of-the-world economic system, billionaire Elon Musk is promising to crater it if Donald Trump wins in November.
A MAGA account on X posted the next:
If Trump succeeds in forcing by mass deportations, mixed with Elon hacking away on the authorities, firing individuals and lowering the deficit – there will probably be an preliminary extreme overreaction within the economic system – this economic system propped up with debt (producing asset bubbles) and artificially suppressed wages (because of unlawful immigration). Markets will tumble. However when the storm passes and everybody realizes we’re on sounder footing, there will probably be a speedy restoration to a more healthy, sustainable economic system. Historical past may very well be made within the coming two years.
Musk, the world’s richest man, responded, “Sounds about right.”
To be clear, Musk is confirming that his and Trump’s plan would “tumble” the markets and there can be an financial “storm.” However hey, as soon as individuals grokked the vibe and “realize[d]” that issues had been higher in that financial hellscape, there can be rainbows, unicorns, and ponies.
In fact, that’s nothing greater than an financial fantasy. As of 2022, there have been round 8 million undocumented staff within the U.S., or about 5% of the complete workforce—to say nothing of the individuals with non permanent protected standing, which Trump has promised to revoke.
“The jump in jobs, along with immigrants’ consumption of goods and services in the United States, also bolsters GDP growth,” a July report from the Federal Reserve Financial institution of Dallas discovered. “[H]igher immigration has contributed about 0.1 percentage points to GDP growth annually in 2022 and 2023 and is projected to do so again in 2024.”
The truth is, the Dallas Fed says that the U.S. wants extra immigration within the coming years to help continued financial progress:
If immigration normalizes, it is going to return to charges which might be inadequate to maintain the kind of financial progress the U.S. is accustomed to. The nation is in a kind of demographic autumn, and winter is coming. The retirement of the newborn boomers and general growing old of the workforce, in addition to low and falling delivery charges imply inhabitants progress will change into completely depending on immigration by 2040, as deaths of U.S.-born will outpace births.
In different phrases, undocumented staff additionally subsidize our personal entitlement applications. Or, because the Heart for Immigration Research lately put it, “Undocumented immigrants also paid $25.7 billion in Social Security taxes, $6.4 billion in Medicare taxes, and $1.8 billion in unemployment insurance in 2022, programs for which they are ineligible.”
Then there’s the deficit-reduction a part of the publish that Musk endorsed. And that mainly means reducing each program that helps the poor and center class.
In a digital city corridor final Friday, Musk mentioned, “We have to reduce spending to live within our means, and that necessarily involves some temporary hardship, but it will ensure long-term prosperity.”
Worse, Trump has mentioned he would give Musk the ability to take a chainsaw to the federal funds. And certainly, Musk claimed at Trump’s racist rally in New York Metropolis that he may lower not less than $2 trillion from the federal funds.
Since October of final yr, the federal authorities has spent $6.7 trillion. Chopping roughly a 3rd of that may be cataclysmic—and much more so because the cuts can be felt disproportionately in home spending. You simply know protection received’t be touched, although veterans applications would virtually certainly take successful. It would be humorous (in an ironic manner) seeing the almost $100 billion spent on American farmers yearly evaporate in a single day, given rural America’s sturdy help for Republicans. …
Musk doesn’t give a rattling. He’ll be tremendous it doesn’t matter what, even when he casts himself as some kind of hero, saying that he would “stability the funds instantly.”
“Obviously, a lot of people who are taking advantage of government are going to be upset about that,” he mentioned within the city corridor. “I’ll probably need a lot of security, but it’s got to be done.”
Musk’s mannequin is Argentine President Javier Milei, who actually campaigned with a chainsaw to represent his plans to eviscerate his nation’s funds if elected. And the way’s that going for Argentina? “Argentina recession deepens as economy shrinks more than expected,” learn a current Reuters headline. But the truth is that Argentina was an financial basket case, caught in a lose-lose state of affairs that may very nicely name for determined measures.
That’s not the case in the US, but Musk and his cognitively addled puppet Trump appear hellbent on delivering the identical type of painful austerity for the world’s largest economic system, by far, and one that’s at present the world’s envy.
And the factor is, Musk and Trump aren’t hiding their agenda. Individuals are simply too captivated by the Republican marketing campaign’s racism and misogyny to care.
Individuals are being promised that they are going to lose their jobs and prosperity, and this election continues to be shut.
