Billionaires are fed up.
Ordinary politicians seem incapable of controlling the $34 trillion national debt, which is why Donald Trump’s billionaire friends believe Trump will win the presidential election and the American people will finally control their government. When I get something that deserves to be shattered, I say I’ll do everything in my power to do it.
Spearheaded by Elon Musk, he will selflessly separate himself from the six companies he runs to completely hack the federal government. This incident is also mentioned. Hedge fund boss John Paulson is persevering at the forefront of President Trump’s nominations for Treasury secretary.
If Mr. Musk and Mr. Paulson need help, they should ask venture capitalist Marc Andreessen, investor Peter Thiel, Wall Street titan Howard Lutnick, and other heavyweights of American aristocracy to help the public. You can ask for help in complying with your requests.
Mr. Musk already has a model for how to prune an unruly government. That’s Twitter. He took over in 2022 while promising to cut 80% of staff. Mr. Musk successfully restructured Twitter, reducing its value from $44 billion at the time of acquisition to about $9.5 billion today. Musk renamed Twitter
Will he do for America what he did for X? Elon Musk speaks in front of Republican presidential candidate and former President Donald Trump at a campaign rally at Madison Square Garden in New York on October 27th. (AP Photo: Evan Vucci) · ASSOCIATED PRESS
Voters can only dream of an 80% cut in the federal government and the services it provides. Anyone who answers the phone in a government agency could be replaced by a bot. Instead of fighter pilots, a volunteer army of underground gamers wearing virtual reality goggles could do the job at a fraction of the cost. The obvious starting point is the IRS, and all auditors who try to catch tax fraud on the wealthy should be deported.
Some problems may occur. Mr. said.
“I think so,” Musk replied, telling voters exactly what they wanted to hear. “The pain will come.” But it will all work out in the end when all the laid-off people get retrained for life on Mars and their depleted 401(k)s are exchanged for Trump™ bonds. And Mr. Musk is the richest man in the world, so don’t worry, he’ll be fine.
As a Treasury oligarch, Mr. Paulson will help Mr. Musk accelerate the government’s exposure. Mr. Paulson says he will “repeal” green energy subsidies passed by Congress in 2022, but he is 68 years old, wealthy, and could easily live out the rest of his life from the effects of global warming. So this shouldn’t be a problem. Mr. Musk may want to give Mr. Paulson a memo reminding him to maintain tax breaks for people who buy electric cars from his company, Tesla.
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Paulson told the Wall Street Journal that President-elect Trump’s biggest priority is extending the 2017 Trump tax cuts to keep billionaires’ taxes low. Billionaires create all the jobs in America, except for federal jobs that aren’t needed anyway, so keeping billionaires out of trouble is the government’s logical first priority. be.
There are some technicalities that President Trump’s billionaires will have to iron out.
Cutter in Waiting: Hedge fund magnate John Paulson visits Fox Business Network Studios’ “Mornings with Maria” on Oct. 23. (John Lampalski/Getty Images) · John Lampalski via Getty Images
For the past 237 years, Congress has been in charge of spending, and any diversion or reversal of a previous diversion must pass Congress in the form of a law. Like the law. The same applies to the creation and dissolution of government agencies. The Cabinet Secretary and the President’s friends cannot kill the Department of Education or cancel $500 billion in green energy spending.
In fact, this is the core of the problem. The national debt is $34 trillion and rising because Congress consistently passes spending bills that require more money than the government receives from tax revenues. In other words, Congress always assesses taxes less than government spending.
Virtually all politicians complain about the huge national debt, but they themselves created it. And they created this system because voters, the people who keep them in power, like a combination of low taxes and government services that exceed the income they can afford to pay. A nation can live infinitely beyond its means as long as it can borrow money to make up for shortfalls.
There are several ways to resolve this inconvenient problem.
Musk will likely reduce the size of government by the 2026 midterm elections, allowing voters to show enthusiasm by giving Trump-supporting Republicans the widest control of Congress in history by a single party. Dew. But even if that doesn’t happen, if Musk can overturn the U.S. Constitution with the support of the Supreme Court, it could end the election since the pro-Trump faction already has a majority.
Or, finally, swallow the bitter pill and let social security and medicare benefits, highway funding, food aid, national security, national park maintenance, agricultural subsidies, veterans benefits, environmental protection, workplace safety, and… Run countless other programs without punishing your elected representatives for all the misery that would be.
Many people have tried and failed. But with Musk, Paulson and other billionaires also on board, Americans can feel confident they’re in good hands.
Rick Newman is a senior columnist at Yahoo Finance. Follow him on X @rickjnewman.
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