Summary
Elon Musk, co-head of the Department of Government Efficiency under Donald Trump’s advisory team, revised his claim of finding $2 trillion in federal budget cuts to a “best-case outcome” of $1 trillion.
Musk’s earlier target, dismissed as unrealistic by experts, had included the entire discretionary budget of $1.7 trillion.
While Musk and co-lead Vivek Ramaswamy plan to recommend cuts, specifics remain unclear.
Experts warn savings may require targeting mandatory programs like Medicaid, potentially causing hardships.
The US government is not funded by taxes. Let me repeat that: THE US GOVERNMENT IS NOT FUNDED BY TAXES.
Since the USD is the defacto global currency and is backed by oil, the US can print as much money as it wants to pay it debts or fund government programs. Hence the reason for the US’ constant wars over oil resources. Got to feed the oil machine.
Taxes are used as COLLATERAL for further loans and to pay the interest on the existing government debt.
Money is created by selling bonds and again using the magic of fractional reserve banking to inflate the money supply.
The US is the only country that can pay its debts by printing its own currency.