Apparently Elon Musk is on-board with getting rid of the $7500 federal tax break for electric vehicles. (Some Tesla models have some Chinese components and don’t qualify, so it won’t affect him as much as it will GM and Ford).
Why? Musk wants to get rid of ALL government subsidies for all enterprises. Hey, I’m on board with that! The oil industry gets $20 billion a year. Consumers will have to pick up the slack at the pump. The movie industry gets massive state subsidies as localities compete against each other to get Jennifer Lopez and Leonardo Di Caprio to come visit. Best of all, no more tax-payer subsidized sports stadiums. And no more states luring GM and Ford to build their plants in union-unfriendly Kentucky or Tennessee. Detroit will be happy.
I will believe it when I see it. Most likely, they will only try to remove subsidies for industries that benefit the consumer or the environment, but I’m open-minded.
I also hear that the Trump administration wants credit card interest rates dropped to no more than 10%. That might make up for Walmart having to increase their prices because of tariffs on Chinese goods (70% of Walmart’s products come from China).
Gosh, it’s going to be interesting.
The only time in history in which the working classes dramatically improved their economic status was the period after World War II up to the Ronald Reagan era (1980). Since then, under both Democrats and Republicans, liberals and conservatives, the working classes’ income level and prosperity has been stagnant, while the investor class has seen lavish increases in wealth.
It is a mass hallucination to believe working class people improved their lot from 2016-2020, but inflation did eat away their income from 2020-2024.