Why are President Trump and Elon Musk Bickering Over the “Big Beautiful Bill” | Your Personal Bank Show

Why are President Trump and Elon Musk Bickering Over the “Big Beautiful Bill” | Your Personal Bank Show | 06-10-25

55:38

Although I do not like Trump and Elon attacking each other, the conversation is very valuable and could lead to good results.

Elon is bringing attention to the fact our government is taxing us too much and spending much of it on waste and fraud.

The spending cuts are pathetic. The $1.5T in spending cuts is over 10 years. $150 billion per year in spending cuts is only about 2% of the approximately $7T annual spending.

Our government increased spending 50% from pre-COVID levels. Our population increased 2% in the past 4 years. We need to push our representatives to do better.

I don’t believe it is too late to fix this. But this level of spending is unsustainable. The interest on the debt is currently about 25% of total government revenues and is rising rapidly.

If you apply for a mortgage, you won’t qualify if your debt to income ratio is above 30%. The interest on the debt is projected to increase to about 30% of government revenues in 5-7 years.

The Trump administration is relying on future growth to fix the problem. Future growth is likely but not guaranteed. Spending cuts would definitely fix the problem. They would also help improve future growth.

You already know this. If you have too much debt, you reduce expenses. If you can increase income, even better. Washington is the only place where common sense is considered radical.

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