Before finally winning the US presidential election, Trump announced in a speech at the New York Economic Club in September of this year that if elected, he would form a government efficiency commission and invite Tesla founder Musk to lead it:
Based on Musk's recommendations, he has given me his full support... I will establish a government efficiency commission to conduct a comprehensive financial and performance audit of the entire federal government and make recommendations for thorough reform.
As a top priority, the commission will develop an action plan to completely eliminate fraud and improper payments within six months, which will save trillions of dollars.
In response, Musk, who was one of the key figures behind Trump's victory, had previously expressed his willingness to serve in the Department of Government Efficiency (D.O.G.E.) without pay, title, or recognition.
What actions will Musk take?
Now that Trump has won, more and more people are speculating on what specific measures Musk will take after leading the efficiency commission. Although Musk has already promised to help the Trump administration streamline at least $2 trillion (nearly a third of the US government's 2024 spending) from the budget, he has not yet provided any specific details. Therefore, by looking at Musk's entrepreneurial history, we may get a glimpse of what he might do.
Specifically, Musk's actions and proposals while leading companies include:
- After spending $44 billion to acquire the social media platform Twitter in 2022, Musk immediately carried out large-scale layoffs;
- In public speeches, Musk has stated that layoffs can drive a company forward, as he believes one of the reasons for low work efficiency is that some people are holding the company back;
- During his tenure at Tesla, Musk had planned to significantly reduce physical stores, although this plan was ultimately canceled due to pressure from landlords, but it shows Musk's resolute attitude towards cost control;
- Musk places great emphasis on corporate reform, and he has viewed bankruptcy as a powerful driver of reform, emphasizing that the consequences of not reforming are unimaginable.
From the above, we can see that in managing companies, Musk emphasizes cost control and downsizing, and has a resolute attitude towards corporate innovation. Therefore, many people currently believe that if Musk takes the lead in the efficiency commission to cut $2 trillion in government spending, the most likely approach will be to continue his radical measures and carry out large-scale layoffs in the US government.
Musk hints at supporting the abolition of the Federal Reserve
Additionally, in response to the statement by Federal Reserve Chairman Powell that he would not resign even if requested by Trump, US Senator Mike Lee recently tweeted that the US should directly abolish the Federal Reserve:
The executive branch should be under the leadership of the President, as the Constitution is designed.
The Fed is one of many examples where the US has deviated from the Constitution, and this is another reason why we should abolish the Federal Reserve.
In response, Musk retweeted Mike Lee's view and added the text "100", strongly implying that he 100% agrees with abolishing the Fed after Trump takes office.
— Elon Musk (@elonmusk) November 8, 2024
