Trump says Musk would head a government efficiency commission if he's re-elected
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Former President Donald Trump speaks at a Fox News Town Hall hosted by Sean Hannity at the New Holland Arena in Harrisburg, Pennsylvania, on Sept. 4. Photo: Nathan Morris/NurPhoto via Getty Images
Former President Trump said during an economic speech Thursday that if elected, his administration would create an Elon Musk-inspired government efficiency commission that would audit U.S. agencies.
Why it matters: Rarely does the public see how an idea from an influential business leader makes its way into a campaign platform.
- Trump backed the idea, first pitched by the Tesla billionaire weeks ago, before a group of high profile academics and business leaders at the Economic Club of New York.
- Musk has said this commission would aim to examine how agencies are spending money, and eliminate "unsensible" spending.
What he's saying: "I will create a government efficiency commission tasked with conducting a complete financial and performance audit of the federal government and making recommendations for drastic reforms," Trump said.
- He also said he would make America "the world capital for crypto and Bitcoin," a line that got applause from the audience.
- Trump also said the nation should have a sovereign wealth fund created with revenue generated by his tariff proposals. The profits, Trump said, could be used to pay down debt.
State of play: Musk pitched the idea to Trump last month during an interview he hosted with the former president on X.
- After the Wall Street Journal first reported earlier Thursday on Trump's plan to adopt Musk's proposal, Musk said on X: "I look forward to serving America if the opportunity arises. No pay, no title, no recognition is needed."
- In August, Musk pitched himself for a role in this prospective commission.
- "I think it would be great to just have a government efficiency commission that takes a look at these things and just ensures that the taxpayer money, the taxpayers hard-earned money is spent in a good way. I'd be happy to help out on such a commission," Musk said during the interview.
Trump's speech was light on details about how such a commission might work. "How it ultimately gets staffed and directed is yet to come," Brian Hughes, Trump campaign senior advisor, told reporters on Thursday.
- The mention in the speech is "reaffirmation that Trump loves the idea and will work with Musk and others to make sure it happens," Hughes added.
The big picture: In the speech, Trump again vowed to cut corporate tax rates, slap tariffs on imported goods and eliminate ten regulations for every new one out in place.
Zoom out: Evidence is mounting that the U.S. economy is starting to buckle under the weight of higher interest rates. Trump and Vice President Kamala Harris could have a worse economic backdrop when voters head to the polls in November.
- Consumers have felt downbeat about the state of the economy under President Biden, even though official government figures pointed to a still-solid economy. Now the data is beginning to catch up with that dour sentiment.
- The economy added 99,000 private sector jobs last month, according to data released by payroll processing firm ADP on Thursday — the smallest monthly gain since 2021.
The unemployment rate was 4.2% as of July, still historically low but it has steadily ticked up in recent months. The government will release the latest unemployment rate on Friday.
- The Federal Reserve looks likely to cut interest rates at its policy meeting in a few weeks, though it's unclear whether the central bank will do so by a quarter-point or a half-point.
Between the lines: Harris released a slate of economic proposals this week, including a plan to raise the capital gains tax rate to 28% for wealthy households. That is a much smaller increase than the near-40% capital gains tax President Biden proposed.
- Harris also said this week she planned to increase the tax credit for small businesses to $50,000 from $5,000.
Go deeper: Harris breaks with Biden on capital gains, calls for 28% top rate
Editor's note: This story has been updated with additional developments.
