Tesla and SpaceX CEO Elon Musk’s focus on U.S. debt has inspired his breakup with Republicans, with some of the highest voices shared among the Democrats.
Last weekend, He announced that he was forming a new political party trillions of dollars in deficits are expected to increase after a feud with President Donald Trump.
“When it comes to waste and grafting that destroys our country, we live in a partisan system, not a democracy,” Musk said. Posted on X. “Today, the American Party was established to keep you free.”
He also warned “Debt slavery” Criticize from the Tax and Expenditure Act EV and solar tax credits Relative to oil and gas incentives.
Wednesday, LinkedIn Co-founder and top Democratic donor Reid Hoffman told CNBC He was “very sympathetic” to the core reason for Musk’s deficit, noting that the cost of paying interest on U.S. debt is one of the largest endpoint items in the federal budget.
However, given the unsuccessful attempts of the third party, he was skeptical of the prospects of the U.S. party.
“So, this isn’t necessarily the best strategy, but I think it’s important to try to focus on debt,” Hoffman added.
Also in the past week Change of mind when it comes to U.S. debt.
exist New York Times on-ed On Wednesday, he admitted that he was once a long-term dove of budget deficits, after arguing that fiscal austerity usually does more harm than good.
“No more. I joined the Hawks like many other long-term pigeons because our country’s budget math has become more dangerous,” Bernstein wrote.
Larry Summers, who served as Treasury Secretary for the National Economic Commission for the Clinton and Obama administrations, issued an alarm on U.S. debt after signing the big signing.
exist ABC News Interview He said last Sunday, the deficit during President Clinton narrowed its deficit, which allowed a good cycle of investment, economic growth, and interest rates to lower or even lower deficits.
He acknowledged that in the decade after 2010, including the Obama administration, he advocated that reducing the deficit was not necessarily a top priority. But he also thinks this time is different.
“Anyone who looks at the numbers sees the prospect of deficits or debt that we have never been so far away from (the moment the economy is strong and we keep peace, it’s at any time in our history.”
But simply because Musk became the top bogey on the left, while some Democrats are concerned about debt, doesn’t mean they have similar thoughts on the issue.
Before leaving the Trump administration, Musk’s efficiency ministry tried to cut federal spending by trillions of dollars to reduce the deficit.
By contrast, Summers said that while the federal government could be more effective, if not Tax revenue increased significantly.
Nevertheless, dialogue is another sign of earthquake shifts in American politics New management principles After reaching a consensus.
Openai CEO Sam Altman hints Posted on X on July 4he said the Democrat was lost and he is now “politically homeless.” At the same time, he improved his economic vision.
“I believe in technological capitalism,” he wrote. “We should encourage people to make a lot of money and then find ways to distribute wealth widely and share complex magic. One without the other doesn’t work; you can’t lift the floor, nor raise the ceiling for a long time.”
