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Elon Musk slams Biden’s Build Back Better proposal, says it would raise U.S. deficit by an 'insane' amount

Despite Musk’s recommendations against the Build Back Better plan, which costs nearly $2 trillion, Wall Street executives anticipate it will become law within months.

Elon Musk slams Biden’s Build Back Better proposal, says it would raise U.S. deficit by an 'insane' amount
AP Photo/Matt Rourke, file
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Tesla and SpaceX CEO Elon Musk slammed President Joe Biden’s “Build Back Better” proposal on Monday. Speaking at the Wall Street Journal's annual CEO Council, Musk reportedly told attendees that the Senate should not pass the massive multi-trillion-dollar spending plan as the bill would raise the country's deficit by an “insane” amount.

According to The Independent, which was present to report Musk’s comments, the billionaire entrepreneur said he was not really paying attention to ongoing negotiations on Capitol Hill, but told other CEO’s that he opposed the spending plan. 

The Independent reported: 

“I would say can this bill, don’t pass it. That’s my recommendation,” he told an audience at The Wall Street Journal’s annual CEO Council on Monday, saying that the Tesla team wasn’t even really paying attention to the negotiations in Washington.

“If this bill happens or doesn’t happen, we don’t think about it at all really,” he said. “Honestly it might be better if the bill doesn’t pass.”

The colourful CEO said he took issue with how the $2 trillion spending package would add to the “insane” federal budget deficit, and would have the government incentivising certain business, including with up to $12,500 in incentives for electric car buyers.

Musk’s comments come in the wake of multiple public attacks on President Joe Biden. In October Musk remarked that Biden refused to acknowledge SpaceX’s first successful civilian voyage carrying Americans. As Rebel News reported, the mission saw a civilian crew orbiting Earth with the goal of receiving $200 million in donations for St. Jude’s Research Hospital.

When one of his followers on Twitter asked, “The President of the United States has refused to even acknowledge the 4 newest American astronauts who helped raise hundreds of millions of dollars for St. Jude. What’s your theory on why that is?”

“He’s still sleeping,” Musk responded.

Biden has also excluded Musk’s car company from an electrical vehicle summit, which included a number of his competitors. White House Press Secretary Jen Psaki implied it was because Tesla is not unionized. 

Asked about the subject at a White House press briefing, Psaki said attendees included “the three largest employers of the United Auto Workers,” she said, adding that reporters should “draw your own conclusions.

Despite Musk’s recommendations against the Build Back Better plan which costs nearly $2 trillion, Wall Street executives anticipate it will become law within months.

CNBC reported on Tuesday:

Wall Street economists believe some version of President Joe Biden’s nearly $2 trillion Build Back Better plan will become law.

And they also think the measure, which includes hundreds of billions of dollars in funds to fight climate change, will be another big deal for the infrastructure industry on the heels of a separate, $1 trillion public works law the president signed earlier this fall.

Economists at Goldman Sachs, Evercore ISI, Morgan Stanley and J.P. Morgan have all written in recent weeks that they believe it’s a matter of time until the Senate passes Biden’s Build Back Better legislation.

That could mean a business boom for some of the country’s biggest construction and materials companies, they say.

“Nothing in DC is 100% sure, but I think the odds are very high, I’d say 80-90% that we get some sort of BBB,” Mike Feroli, chief U.S. economist at J.P. Morgan, told CNBC.

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  • By Ezra Levant

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