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 means of mass deportations, mixed with Elon hacking away on the authorities, firing individuals and lowering the deficit – there will likely 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 likely be a fast 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 could be an financial “storm.” However hey, as soon as individuals grokked the vibe and “realize[d]” that issues have been higher in that financial hellscape, there could be rainbows, unicorns, and ponies.
After all, 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 entire 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.”
In truth, the Dallas Fed says that the U.S. wants extra immigration within the coming years to assist continued financial development:
If immigration normalizes, it can return to charges which might be inadequate to maintain the kind of financial development 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 total ageing of the workforce, in addition to low and falling beginning charges imply inhabitants development will change into totally 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 Middle 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 submit that Musk endorsed. And that mainly means chopping each program that helps the poor and center class.
In a digital city corridor final Friday, Musk stated, “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 stated he would give Musk the facility to take a chainsaw to the federal price range. And certainly, Musk claimed at Trump’s racist rally in New York Metropolis that he may reduce at the very least $2 trillion from the federal price range.
Since October of final yr, the federal authorities has spent $6.7 trillion. Slicing roughly a 3rd of that may be cataclysmic—and much more so because the cuts could be felt disproportionately in home spending. You simply know protection received’t be touched, although veterans applications would virtually absolutely take successful. It might be humorous (in an ironic means) seeing the almost $100 billion spent on American farmers yearly evaporate in a single day, given rural America’s sturdy assist for Republicans. …
Musk doesn’t give a rattling. He’ll be effective it doesn’t matter what, even when he casts himself as some kind of hero, saying that he would “steadiness the price range instantly.”
“Obviously, a lot of people who are taking advantage of government are going to be upset about that,” he stated 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 price range if elected. And the way’s that going for Argentina? “Argentina recession deepens as economy shrinks more than expected,” learn a latest Reuters headline. But the fact is that Argentina was an financial basket case, caught in a lose-lose state of affairs that might very properly name for determined measures.
That’s not the case in the USA, but Musk and his cognitively addled puppet Trump appear hellbent on delivering the identical sort 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’ll lose their jobs and prosperity, and this election remains to be shut.
Let’s get to work electing Kamala Harris our subsequent president! Join as many shifts as you may between now and Nov. 5 to speak with progressive voters in key states who may not prove with out listening to from you!
