Elon Musk, the billionaire CEO of Tesla and SpaceX went all-in against the Biden Administration while speaking at the Wall Street Journal CEO summit on Monday.
When talking about Joe Biden’s Build Back Better spending plan, Musk explained how spending $3 trillion could affect the country and the economy and how it would burden the taxpayer.
He also called out the government for ‘acting as a player on the field and not a referee’ by impeding the progress by getting in everyone’s way. He also said rules and regulations make it harder for nations to harder.
“Rules and regulations are immortal,” he said. “They don’t die. The vast majority of rules and regulations live forever… there’s not really an effective garbage collection system for removing rules and regulations, so this hardens the arteries of civilization where you are able to do less and less over time.” He said.
He also slammed provisions of the Biden bill that proposes to subsidize electric vehicle charging networks. “There’s no need for this, for supporting a charging network. Delete it. Delete. I’m literally saying get rid of all subsidies,” he said. “Generally, I think government should try to get out of the way and not impede progress.”
He later commented on Biden’s new “infrastructure bill” that requires trillions worth of spending which would lead to massive inflation according to economic experts.
“You can’t just spend $3 trillion more than you earn every year. If you don’t cut government spending, something really bad’s gonna happen. This is crazy,” he said.
He ended with a remark that all the government spending happening right now needs to stop.
“In general, if we don’t cut government spending, something really bad is going to happen,” he said. “This is crazy. Our spending is so far in excess of revenue it’s insane.”
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