Elon Musk said at a Trump rally in New York that he could save the country $2 trillion through an efficiency ministry

• Elon Musk spoke briefly at a campaign rally for Donald Trump in New York on Sunday.

• Musk said he would save $2 trillion through a Department of Government Efficiency.

• Musk did not specify any policy changes or spending cuts he would implement.

At a campaign rally for former President Donald Trump in New York on Sunday, Elon Musk said he would save the United States $2 trillion through a Department of Government Efficiency.

Howard Lutnick, the CEO of financial services company Cantor Fitzgerald, introduced Musk at the event. As he took the stage, Lutnick asked the Tesla and SpaceX CEO, “How much do you think we can get out of this wasted $6.5 trillion Harris-Biden budget?”

“I think we can make at least $2 trillion,” Musk replied. “I mean, at the end of the day, you get taxed. They are taxed. All government spending is taxes. So whether it’s direct taxes or all government spending, it becomes either inflation or direct taxation.”

Musk added: “Your money is being wasted and the Department of Government Efficiency is going to fix that. We will get the government off your back and out of your wallet.”

Trump has previously said he would put Musk in charge of a Department of Government Efficiency – or “DOGE”, after the cryptocurrency – if he wins the election.

Musk did not elaborate on policy changes or spending cuts he would implement if he joined a hypothetical second Trump administration.

Musk and Trump campaign officials did not immediately respond to a request for comment from Business Insider.

Federal government spending was $6.75 trillion in fiscal year 2024. Musk's proposed cuts would amount to nearly a third of that amount.

It's unclear where Musk's proposed cuts would come from.

Trump and Vice President Kamala Harris have each proposed various tax changes as part of their campaigns. Trump's proposals include eliminating taxes on tips and overtime, reducing the corporate tax rate, increasing tariffs on imports and eliminating taxes on Social Security benefits. Harris has proposed tax credits for new parents and homeowners, as well as an expansion of the small business tax deduction.

On Social Security, the Committee for a Responsible Federal Budget (CRFB) has stated that neither Trump nor Harris have proposed a plan that would fix Social Security's finances, but that Trump's proposals would “dramatically deteriorate Social Security finances.” Trump's campaign has disputed the CRFB report's findings.

The Wall Street Journal conducted a poll of 50 economists Oct. 4-8 and found that 65% believed the deficit would worsen under Trump's proposed policies.

Musk's growing support for Trump

Musk, the world's richest person, has become one of Trump's most loyal and vocal supporters this election cycle.

Musk endorsed Trump in July after the former president survived an assassination attempt during a rally in Pennsylvania.

The two have discussed Musk getting a seat in Trump's Cabinet if the former president is re-elected. During a livestreamed speech in September, Trump again referenced the commission and said he wanted Musk to oversee the project.

Musk's financial strength is reflected in real campaign moves.

As of Friday, Musk has spent nearly $119 million on his pro-Trump political action committee America PAC.

He was in the key swing state of Pennsylvania and held his own rallies in support of Trump.

Musk has also said he is giving away $1 million a day to a swing-state voter who signs his petition reiterating his support for free speech and the right to bear arms. Some election law experts previously told BI that the giveaway plan could be illegal.

The race between Harris and Trump remains on a knife edge. Trump and Harris are tied in the popular vote at 48%, according to a national New York Times-Siena College poll released Friday.

October 28, 2024, 3:08 a.m. EST: This story has been updated with context on Musk's comments about the prospect of taking on a government role, details on Musk's political spending in the 2024 election cycle, and details on Trump and Harris' respective economic proposals.

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