Elon Musk agrees: Trump's economic plans will lead to 'hardship' and cause markets to 'tumble'

[FightFight]

Source: independent

The former president’s wealthy allies are promoting the idea of economic collapse and high prices as a necessary side effect of Trump’s economic agenda, The world’s wealthiest man appears to believe that a Donald Trump presidency must crash the economy in order to benefit Americans.

Elon Musk agreed on Tuesday that proposed drastic cuts to the federal government, coupled with Trump’s sweeping deportations, will likely cause global markets to “tumble.”

Read more: https://www.independent.co.uk/news/world/americas/us-politics/elon-musk-economy-trump-hardship-b2637850.html?utm_source=reddit.com

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1.

Trump inherited a booming economy — and handed Biden a nation 'in shambles' https://www.nbcnews.com/business/economy/trump-inherited-booming-economy-handed-biden-nation-shambles-n1255033


2.

Trump Built a National Debt So Big (Even Before the Pandemic) That It’ll Weigh Down the Economy for Years The “King of Debt” promised to reduce the national debt — then his tax cuts made it surge. Add in the pandemic, and he oversaw the third-biggest deficit increase of any president. The national debt rose by almost $7.8 trillion during Trump’s time in office
TRUMP HAD THE THIRD-BIGGEST PRIMARY DEFICIT GROWTH, 5.2% OF GDP, BEHIND ONLY GEORGE W. BUSH (11.7%) AND ABRAHAM LINCOLN (9.4%).--All Republicans

https://www.propublica.org/article/national-debt-trump

[yaesu]

1. The rich made most of their money during economic downturns. Musk's weath increase 10 fold during the pandemic

which included a massive taxpayer bailout for tesla. Downturns are like xmas for the rich.

[ret5hd]

2. I've read before: Depressions are when money...

returns to its rightful owner.”

So yeah…elon wants a depression so he can get richer.

[The Madcap]

3. Well if he is first

To pitch in about $150 billion of personal wealth, maybe I'll listen to him. Just another example of a rich guy trying to weaken everyone beneath him.

[Ponietz]

6. The snake pitched $75 million into his Trump supporting PAC July through September

Heard this on NPR this morning.

[Picaro]

4. Some targeted tax increases can fix the problem

The amazing thing about all the deficit agonizing is that no one ever looks at the revenue side.

We need to raise taxes on the rich. It’s that simple.

Do you actually think the 1% don’t have the money?

This is what they’re afraid of. The money’s there.

[Septua]

17. ..and the other thing never mentioned is all the industrialized countries...

..operate with some debt. Admittedly, the US debt/GDP is among the higher debt ratio countries but to hear the Repugs, we're the only country with debt.

https://www.voronoiapp.com/debt/Countries-with-Highest-Debt-to-GDP-2024-Rankings-1833

Same as inflation...it was and remains a global economic condition but you never hear that said on FOX.

[louis-t]

20. But how will they be able to buy millions of homes at pennies on the dollar

when they crash the economy on purpose if they have to pay taxes? UNFAIR! UNFAIR!

[GoldenMezzoDiva]

26. Not to forget Filial Responsibility laws in many states/including CA, NJ...

These have lain dormant since SS and Medicare/caid. However, once these New Deal/Great Society programs are gutted, the banksters will snatch seniors' homes and siphon savings accounts into their pockets. And guess who gets stuck with the bills: THE KIDS!!! Even if they live in another state. I've told my millennial daughter to tell ALL her friends how ending SS/MC will impoverish her generation as well! For more info Google 2012 Pennsylvania man liable for $93,000—payable immediately— nursing home costs incurred by his mother, in New Jersey.

[4lbs]

5. What's that? Oh yeah, the SMELL of Musk.

Phew!

[sakabatou]

7. So, Muskrat, does that mean you'll still back him or...?

[keithbvadu2]

8. Is DonOld promoting this 'great' feature?

[usonian]

9. The economy is in a period of boom and bust cycles.

The rich drive stock valuations etc. to the moon, and it all crashes.

Walking into Washington with dynamite vests, they say that the country is doomed unless THEY are bailed out, which Washington dutifully does, to the tune of trillions.

But we slobs are never bailed out.

"America is one tough town" .... Latka Gravas

[Whatthe_Firetruck]

10. Didn't we have enough...

Of the "shock doctrine" last time.

They talked about it during shrub's time in office.

[Haggard Celine]

28. Trump Pinochet n/t

[C Moon]

11. How much money is enough for these freaks?

[markodochartaigh]

15. "How much money is enough for these freaks?"

All of it. Need can be satisfied, greed cannot be satisfied.

[Farmer-Rick]

18. Funny thing is

That if they had all of it, it would be worth nothing. They are counting on us to create more of it for them to take it from us.

Each bailout for the banksters, each no pay back PPP loan, each corporate subsidie and tax cut is a gift to the filthy-rich, stolen from our pockets.

Each austerity package, each fee and tax increase for the middle class, each war restoration, each economic sanction or embargoe and each fine paid to a corporate entity for free trade agreement violations is a way to take our hard earned money and give it to the filthy-rich.

So, yeah, it's never enough because they know we won't just lay down and die.

[NCjack]

12. Same all story -- for Trump to save America, he must first destroy our economy.

[Olympian Hiawatha]

13. K&R

[GoldenMezzoDiva]

14. G'd forbid these Count Draculas ever again come to power...

We'll all be camping out on the streets. The vampires will merrily skip across our cardboard bedrooms, la-dee-dah...Meanwhile, their impoverished, idiotic Renfields will forever whine: BLAME THE DEMS!!!

[markodochartaigh]

16. A certain group of our oiligarchs

want to get rid of Social Security and Medicare because they know that then most seniors will have to sell their homes into a market spiraling downward in order to get money for their living expenses. Then at the bottom of the market they will buy up homes in large lots for pennies on the dollar in cash.

[Farmer-Rick]

21. It's kind of what they've done with Farm products

So, small local farmers use to sell produce to local grocery stores. But the chain stores took over and started buying their produce from other states, produce whole sellers and contracted corporate farms. People liked the cheaper foods and got use to the poor quality of the vegetables, meat and eggs. Though they looked good they tasted and smelled bland.

Then other countries were allowed to compete in these same markets. This forced most small farms to live on the margins. The big markets weren't buying from them. So, some small farmers managed to stay alive by cobbling together a bunch of impossibly small markets. Markets too specialized to want bland and cheap food.

Then the grocery stores started raising their prices. Why pass on the saving of buying bland food in mass quantities to the customer? Small farmers are practically dead and are not competitors anymore.

And so the chain grocery stores keep upping their prices and customers no longer have a choice, unless you can become a small farmers' customer. But there are very few small farmers anymore who sell produce. Same thing happened to dairy farms in the US.

Ah the stench of "free" markets collapsing local economies.

[markodochartaigh]

23. Also what happened in the poultry and egg markets.

Now many people who raise chickens must buy the chick's, food, medications, etc. from the company which buys the chickens back. An extreme example of what can occur is the egg price inflation which occurred a couple of years ago when a couple of the largest egg companies had monopolized enough of the market that they could conspire to inflate egg prices.

[Farmer-Rick]

27. Exactly

I feel for those contract poultry farmers. I went to some of Tyson's meetings, back in the early 2000. Back then, they were looking for farmers to contract with. I had a few friends take them up on their offer.

OMG, they didn't offer the price per pound they promised and they went bankrupt. Yeah, they had to buy all their supplies from Tyson approved suppliers. They were told how to build and light their chicken coops..... definitely not free range.

They had to be constantly rebuilding to meet Tyson's requirements. These farmers took out huge loans to build the infrastructure Tyson required. And then their chickens aren't given top ratings so they get less per pound and don't have enough to pay off their loans.

To make it worse, and to choke off competition, Tyson got contracts with all the local slaughter houses and now if you're not working for Tyson you can't use those slaughter houses.

Even today it's next to impossible to find a slaughter house to do small runs of less than 100.

[louis-t]

19. Did he add: "Like we've never seen"?

[Jit423]

22. Hardship for others so he doesn't care.

And if the markets tumble he and his billionaire friends will hardly notice because they will make it all back with tax loopholes and favorable tax rates. He and his ilk will just be happy that a tumbling market might take away some wealth gains that those unwashed "others" may have made since Obama's administration got the markets rolling again.

[IronLionZion]

24. GOP want a recession so bad

they cause it at the end of every GOP presidency. They are demonstrably bad for the economy. Because their wealthy donors benefit while screwing everyone else. The complete opposite of rising tide lifts all boats. GOP want income disparity because they feel good by stepping on someone else.

[Blue Full Moon]

25. Given inflation gives maximum profit.

Just think hyperinflation should be the biggest profit maker. Germans were under hyperinflation would take wheelbarrows of money to buy anything. This set the stage for Hitler.

[BradBo]

29. Little piece of trash Elon has Noth ng to worry about financially, we do.

[viva la]

30. Maybe Elon should consider that a global collapse of the economy--

is not good for anyone, except maybe him, and probably not even for him.

Does he consider that no one will be able to buy Teslas?

That a government without funding will never be able to funnel billions to his companies?
Or subsidize electric vehicles anymore?

[Ford_Prefect]

31. IMO Eloon is not the sharpest spoon in the drawer. He takes far too much credit for many other people's hard work and

good ideas, and the MSM loves an egotist along with their own pet memes.

[Evolve Dammit]

32. Could MSM cover this??