Elon Musk reveals underlying cause of inflation and says he is ready to be part of Government Efficiency Commission

Billionaire Elon Musk believes that one entity is responsible for rising prices for goods and services in the United States.

The Tesla CEO says on the social media platform X that the real cause of inflation in the US is the federal government's huge budget deficit.

“Inflation occurs when the federal government spends more than it takes in because it simply prints more money to make up the difference. Solving inflation requires reducing wasteful government spending. Your tax dollars should be spent well, not badly.”

Data from the U.S. Treasury Department shows that the federal deficit rose to $1.516 trillion in the first ten months of fiscal year 2024 alone. The Congressional Budget Office (CBO) expects the federal deficit to rise to $2 trillion by September 30, 2024, when the current fiscal year ends.

In an interview with podcaster Lex Fridman, Musk, co-founder of PayPal and the richest person in the world, said he was willing to share his expertise with the government to improve the country's fiscal situation.

“I have [Donald] Trump advocates the creation of a commission to improve government efficiency, and I would be willing to serve on that commission…

The antibody reaction would be very strong. They attack the matrix at this point. [The] Matrix will strike back.”

Brian Armstrong, CEO of Coinbase, agrees with Musk, saying that inflation would virtually disappear if the U.S. government stopped printing more dollars.

“People despair trying to explain the causes of inflation, but the main cause is that the government spends more money than it has and has to print more.

If we neutralize this, most inflation problems disappear.

Bitcoin is the check and balance against excessive inflation. Buying it is a vote against inflation.”

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