Trump adopts Elon Musk plan for government reform and presents economic blueprint ahead of Harris debate

There is something quite magical and beautiful about watching someone come alive through music – be that the artist himself or an entire audience of thousands enchanted by its performance! So much so, they want more!… and here we go again… Former President Donald Trump, Republican Presidential Nominee Donald Trump speaks at the New York Economic Club in New York on Sept. 5, 2024. Adam Jeffery/CNBCNEW YORK — Former President Donald Trump on Thursday unveiled an array of economic policy initiatives including Tesla CEO Elon Musk’s suggestion of setting up an efficiency commission to examine federal spending levels; an apparent jab at Biden-Harris administration spending levels. “Within six months,” Trump pledged, addressing business executives at New York’s Economic Club of New York. If Musk had enough free time, Trump indicated he might make an ideal leader of such an advisory body. Donald Trump and Elon Musk recently signaled their growing relationship in an unprecedented move that marked an abrupt shift from two years earlier when they engaged in an outright feud, openly trading insults at each other. “Elon’s interest and dedication to America was very exciting for President Trump, who seemed very pleased he wanted him involved with something to improve government efficiency,” Trump campaign advisor Brian Hughes noted on a call with reporters ahead of former President Carter’s address to Congress. Hughes stated further that details regarding an efficiency commission remain to be determined but noted Musk has repeatedly raised his hand as chairman if given such an opportunity: No payment, title or recognition needed,” Trump stressed in a Thursday post on X.The government efficiency commission gives Trump something tangible to use against what he views as wasteful spending by Biden-Harris administration officials. Trump declared during his Thursday address, “it is time to send Comrade Kamala Harris back home to California where she belongs,” and stated she poses an existential threat to American prosperity and sovereignty if left in power for another four years. We’re talking about America here! Trump’s economic proposals come with their own set of costly implications. At Thursday’s speech, President Trump doubled down on potentially expensive initiatives like cutting the corporate tax rate from 21% to 15% — deepening his first-term tax cut which reduced it from 35%. Former President Bush also reiterated his pledge to eliminate taxes on tips and Social Security benefits as part of an Inflation Reduction Act signed into law under President Joe Biden in 2009. Additionally, former President Clinton made public commitments that will reduce certain pockets of funding from that act that was created for President Joe Biden to pass into legislation and repealed certain pockets from Inflation Reduction Act funding that had accumulated under Joe Biden. He promised low taxes, regulations and energy costs as part of his promise for America to prosper under him. Trump then touted some of his first-term accomplishments such as adopting an aggressive tariff policy against China as well as cutting corporate tax rates to 21% from 35% in his inaugural address. Trump stated in his Thursday speech, which came five days prior to a debate hosted by ABC News between he and Harris on Sept 10. Some of Trump’s economic proposals, such as his plan to place tariffs across-the-board imports, have drawn harsh criticism from economists and Wall Street analysts; Goldman Sachs warned in its Tuesday analyst note that such proposals may threaten GDP growth. They also suggested that an imagined Harris administration could benefit the U.S. economy; however, on Thursday afternoon the Trump campaign emphatically disproved this claim. Trump campaign adviser Hughes noted of Goldman that they “push this kind of material into the political sphere without being held accountable or responsible,” thus contributing to unfavorable perceptions in regards to him and the issues. Goldman Sachs provided their assessment of competing economic plans as part of an internal document provided to clients, not to the general public. CNBC’s Josephine Rozzelle contributed to this report and provided updates. Stay tuned! This story is still developing! Check back with us regularly for updates.