Chamath Palihapitiya Says Cut The Federal Budget By Trillions And Then Do This With A ‘Fraction’ Of The Money To ‘Make America Great Again’

    Date:

    Influential venture capitalist Chamath Palihapitiya proposed a radical plan on X. He suggested slashing trillions from the federal budget to fund nationwide internet access, with the cost overruns to be borne by the chosen company.

    What Happened: The post comes in the wake of Donald Trump’s victory in the 2024 presidential election. Trump during his campaign, had floated the idea of appointing Elon Musk to lead government efficiency efforts, aiming to reduce federal spending drastically.

    The SPAC King ended his post with a slogan associated with the Trump campaign — ‘Make America Great Again!’

    See Also: Donald Trump’s Second Term Could Reshape US Healthcare System, With Major Impacts on Affordable Care Act And Medicare

    Why It Matters: Palihapitiya’s proposal aligns with Trump’s and Musk’s vision of aggressive cost-cutting. Musk had previously suggested that he could cut $2 trillion from the federal budget.

    However, this approach has met with criticism. Nobel laureate Paul Krugman expressed concerns over the proposed spending cuts, warning about risks to Social Security, Medicare, Medicaid, and national defense.

    Did You Know?

    Photo by Featureflash Photo Agency on Shutterstock

    This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal

    Market News and Data brought to you by Benzinga APIs

    Go Source

    Chart

    SignUp For Breaking Alerts

    New Graphic

    We respect your email privacy

    Share post:

    Popular

    More like this
    Related

    It’s Calculated, Option Price Sensitivity

    Dmitry Pargamanik and Will McBride, the cofounders of Market...

    CPI Brings Relief at the Short End, but Trade Uncertainty Weighs on Duration: Nov. 13, 2024

    Market participants are breathing a sigh of relief in...

    Might the FOMC Spike the Ball Before the End Zone?

    This morning we received the latest report on inflation. ...

    Bond ETFs: You Can Do Both?

    In this episode we explore Bond ETFs. To some listeners, it...