Liberal economists and mainstream commentators have expressed fear that a second Trump administration could bring “hardship” to the country. At a town hall event in City of X last Friday, Elon Musk uttered the “H” word. And, as you know, it always involves temporary hardship, but long-term prosperity is guaranteed. ”
Musk continued, “There's so much waste in government that it's like being in a room full of targets and you can't miss. They're firing in all directions trying to hit the targets.”
Liberals fear that Mr. Musk has Donald Trump's ear, and that Mr. Musk himself has a long history of applying waste reduction strategies to his companies, including Company X. The deep cleaning and layoffs Musk embarked on after acquiring Twitter in May will make 2022 a legendary year. President Trump then offered a new position in his second term: “Secretary of Cost Reduction.”
Why him?
Brett Arends, a Wall Street commentator educated at the liberal universities of Oxford and Cambridge, said it was “childish” to think anyone, including Mr. Musk, would even consider cutting or abolishing the Departments of Transport and Agriculture. He called it “stupid.” Justice or Homeland Security.
Bob Elliott, chief investment officer at investment group Unlimited Funds, said the idea of cutting the proposed $2 trillion from the current $7 trillion annual budget is “absolutely inconceivable.” He pointed out that this means destroying everything, housing, and the environment. program.
Twenty-three Nobel Prize-winning economists have posted a letter supporting Kamala Harris' economic platform over President Trump's proposed cuts.
While we each have different views on the specifics of various economic policies, overall, Harris' economic policies will improve our nation's health, investment, sustainability, resilience, job opportunities, equity, and We believe it is much better than productive economic policy. Donald Trump's.
His policies, which include imposing high tariffs even on products from friends and allies and regressive tax cuts for businesses and individuals, will lead to higher prices, higher deficits, and greater inequality.
Among the most important determinants of economic success are the rule of law and economic and political certainty, all of which President Trump threatens.
What President Trump is proposing is essentially a “top-down” budget cut. He will cut out the low-hanging fruit: the IRS, ATF, Consumer Financial Protection Bureau, Department of Education.
better approach
An even better approach is a “bottom-up” method, using Articles 1, 8, and the 10th Amendment of the U.S. Constitution as a starting point.
Article 1, Section 8 reads as follows:
The Congress shall have power to levy and levy taxes, duties, imposts, and excises, to pay debts, and to provide for the common defense and general welfare of the United States. provided, however, that all duties, surcharges, and excise taxes shall be uniform throughout the United States.
Borrowing money on the credit of the United States.
Regulating commerce with foreign countries, among the several nations, and with Indian tribes.
Establish uniform naturalization rules and uniform bankruptcy laws throughout the United States.
To mint money, regulate its value and the value of foreign coins, and establish standards of weights and measures.
To provide for penalties for counterfeiting of United States securities and current coins.
Establish a post office and post road.
Promote scientific progress and useful art by securing to authors and inventors, for a limited time, exclusive rights to their works and discoveries.
To constitute a court lower than the Supreme Court.
Define and punish acts of piracy and felonies committed on the high seas and violations of international law.
Declare war, authorize medals and retaliation, and establish regulations regarding land and water capture.
To organize and support armies. provided, however, that the appropriation of funds for such use shall not be limited to a period exceeding two years.
To provide and maintain a navy.
Create rules for the government and regulations for the Army and Navy.
Provides for the muster of a militia to enforce the laws of the Union, suppress rebellion, and repel invasion.
Provide for the organization, armament, and discipline of the militia, govern the portion of the militia employed in the service of the United States, and reserve to the respective states the power of appointing and training officers. A militia subject to discipline established by Congress.
Exercising exclusive legislation in all cases over the district (not exceeding ten miles square) which by the cession of certain States and acceptance by Congress shall become the seat of the Government of the United States; and exercise the authority of All places purchased by consent of the Legislature of the State in which the same exists, for the construction of forts, magazines, arsenals, shipyards, and other necessary buildings. and
To enact all laws necessary and proper to carry out the foregoing powers and other powers conferred by this Constitution upon the Government of the United States, or any department or officer thereof;
To ensure that the federal government does not depart from these limited powers, the following Tenth Amendment was added:
Powers not delegated to the United States by the Constitution, or prohibited by the Constitution to the States, are reserved to the States or to the people, respectively.
This is the golden rule that applies when finding out which current functions of the federal government need to be reduced.
Currently, there are 15 executive branch agencies with hundreds of subordinate agencies. Visit USA.gov to see for yourself what Musk means when he says it's “like being in a room full of targets.” No matter which direction you fire it, you won't miss.
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