Refer Report
Tesla CEO Elon Musk claimed that if former President Donald Trump is elected, the U.S. federal government budget could be reduced by at least $2 trillion (about 2,770 trillion won). It is interpreted that former President Trump has hinted at the possibility of drastically cutting the welfare budget if he returns to power.
According to Bloomberg News on the 28th (local time), at a rally in support of former President Trump held at Madison Square Garden in New York the previous day, CEO Musk asked, “The Biden administration has wasted $6.5 trillion in budget. How much of this can be reduced?” To the question, he answered, “We will be able to extract at least 2 trillion dollars.” “All government spending is taxes,” he said to cheers from the crowd, adding, “Your money is being wasted.”
$2 trillion is an amount equivalent to one-third of the entire federal government budget. It is interpreted that in order to cut the government budget by this much, the welfare budget will have to be cut significantly. The U.S. federal government budget in the last fiscal year was about $6.75 trillion, of which social security ($1.46 trillion), medical care ($912 billion), and health insurance (Medicare, $874 billion) accounted for the largest portion. $2 trillion is an amount equivalent to the entire annual budget for Social Security and Medical Insurance.
Cutting federally mandated spending, excluding Social Security, requires majority support in the Senate. However, former President Trump announced that he would reduce spending by seizing the budget approved by Congress last year, leaving open the possibility of taking a ‘detour’. However, there is controversy over the fact that the president’s statement that he can seize the budget approved by Congress violates the Congressional Budget and Seizure Control Act of 1974, which specifies the procedures the president must follow to reduce, delay, or eliminate funds designed by Congress for specific purposes. gave birth to
Previously, former President Trump announced that he would create a ‘Government Efficiency Department’ to lead bold financial reforms when he comes back to power and have CEO Musk lead it. CEO Musk emphasized on this day, “(If Trump is elected), the Government Efficiency Department will correct the waste of government spending,” and “We will keep the government out of your pocket.”
However, the judicial risk for CEO Musk, who actively supports former President Trump in this presidential election, is increasing. On the 28th, the Pennsylvania District Prosecutors’ Office announced that CEO Musk would reward voters in the seven major swing states with a reward of $1 million (approximately 1.38 billion won) per day to voters who sign petitions from a Trump-supporting PAC (political action committee). They filed a lawsuit against him, calling the act “unquestionably illegal.” Previously, the U.S. Department of Justice also warned that CEO Musk’s actions may violate federal law.
Silicon Valley = Correspondent Song Young-chan 0full@hankyung.com
Source: korean