Elon Musk is volunteering to help reduce government spending spree amid inflation concerns.
Key receivers
Elon Musk proposes to join “Commission on Government Efficiency” to tackle US inflation Musk links excessive government spending to rising inflation and the national debt.
Share this article
In a live chat with Donald Trump on Monday, Elon Musk offered to help with a proposed “Government Efficiency Commission” to reduce excess US government spending. X's owner claimed that excessive government spending would lead to inflation and that urgent spending cuts were needed to stabilize the economy.
“Inflation comes from too much government spending because checks are written by the government and never get picked up,” Musk said. “So if the government spends more than it brings in, the money supply increases, and if the money supply increases more than the pace of goods and services, that's inflation.”
It wasn't the first time Musk had talked about a “commission on government efficiency.” On a recent Lex Friedman podcast episode, he said he had discussed that idea with Trump and would be “willing” to join the new commission.
Musk attributed the daily increase in the national debt to excessive government spending. He explained that inflation is a tax imposed on people. Trump backed Field's comments, noting that inflation would hurt those who earn, save and invest.
However, the former US president did not directly target spending cuts. Instead, Trump pointed to a sharp increase in energy costs. He said lowering energy prices is necessary to alleviate some of the economic pressures Americans face.
The discussion was not just about the US economy. The two figures recently discussed the attacks on Trump, illegal immigration, geopolitical tensions, artificial intelligence (AI) and the environment.
Trump has highlighted the growing need for AI energy, predicting a need to double the amount of energy generated over time. To meet this demand, Trump stressed the importance of increasing the country's energy production.
There was high speculation among the crypto community that Trump would mention “Bitcoin” in his speech to Field. On Polymarket, punters assigned a 65% probability to mention “crypto” and a 69% higher probability to “Bitcoin”, the highest amount on these predictions.
Despite this assumption, there was no discussion about crypto or Bitcoin during the event.
Share this article
