Former President Donald Trump unveiled a bold economic plan during a speech at the Economic Club of New York on Thursday, promising to combat inflation and overhaul government spending if elected to a second term. Trump emphasized the importance of domestic energy production, specifically advocating for increased drilling as a key solution to lowering inflation and stabilizing the U.S. economy.
In his address, Trump took aim at Vice President Kamala Harris, criticizing her recent proposal to ban price gouging on groceries. He labeled her economic policies as “Marxist” and referred to her as “Comrade Kamala Harris,” accusing the Democratic administration of promoting government overreach and stifling free market practices.
A major highlight of Trump’s speech was his proposal to establish a government efficiency commission, which he claims would audit federal spending and recommend reforms to reduce waste and improve efficiency. Trump stated that billionaire Elon Musk, CEO of Tesla and SpaceX, has agreed to head this commission should Trump be re-elected. The commission would be tasked with identifying areas of government waste and offering solutions to streamline operations.
“Elon is a genius in efficiency, and he knows how to run a successful operation,” Trump said. “He’s the perfect person to help us cut the bloated spending in Washington and get our government back on track.”
During the speech, Trump doubled down on his commitment to revive domestic drilling, arguing that tapping into American energy resources would not only lower fuel costs but also reduce inflationary pressures across the economy. He contrasted this approach with the Biden administration’s focus on renewable energy, which Trump claims has contributed to rising costs for consumers.
While Trump’s economic proposals have drawn support from his Republican base, his critics argue that increased drilling could harm the environment and that his proposals lack detail on how they would be implemented. Nonetheless, the promise of a Musk-led commission to audit government spending has generated significant buzz, as the billionaire is known for pushing boundaries in both the private and public sectors.
Trump’s speech is part of his broader strategy to position himself as the candidate who can restore economic stability and bring about a more efficient, less costly federal government. With the 2024 presidential election on the horizon, Trump’s economic policies will likely play a central role in his campaign messaging.
