From Letters from an American:

On Friday, October 25, at a town hall held on his social media platform X, Elon Musk told the audience that if Trump wins, he expects to work in a Cabinet-level position to cut the federal government.

He told people to expect "temporary hardship" but that cuts would "ensure long-term prosperity." At the Trump rally at New York City's Madison Square Garden on Sunday, Musk said he plans to cut $2 trillion from the government. Economists point out that current discretionary spending in the budget is $1.7 trillion, meaning his promise would eliminate virtually all discretionary spending, which includes transportation, education, housing, and environmental programs.

Economists agree that Trump's plans to place a high tariff wall around the U.S., replacing income taxes on high earners with tariffs paid for by middle-class Americans, and to deport as many as 20 million immigrants would crash the booming economy. Now Trump's financial backer Musk is factoring in the loss of entire sectors of the government to the economy under Trump.

An X user wrote: "I]f Trump succeeds in forcing through mass deportations, combined with Elon hacking away at the government, firing people and reducing the deficit"there will be an initial severe overreaction in the economy ... . Markets will tumble. But when the storm passes and everyone realizes we are on sounder footing, there will be a rapid recovery to a healthier, sustainable economy. History could be made in the coming two years."

Musk commented: "Sounds about right[.]"