Chamath Palihapitiya Says Cut The Federal Budget By Trillions And Then Do This With A 'Fraction' Of The Money To 'Make America Great Again'

Influential venture capitalist Chamath Palihapitiya proposed a radical plan on X. He suggested slashing trillions from the federal budget to fund nationwide internet access, with the cost overruns to be borne by the chosen company.

What Happened: The post comes in the wake of Donald Trump’s victory in the 2024 presidential election. Trump during his campaign, had floated the idea of appointing Elon Musk to lead government efficiency efforts, aiming to reduce federal spending drastically.

The SPAC King ended his post with a slogan associated with the Trump campaign — ‘Make America Great Again!’

See Also: Donald Trump’s Second Term Could Reshape US Healthcare System, With Major Impacts on Affordable Care Act And Medicare

Why It Matters: Palihapitiya’s proposal aligns with Trump’s and Musk’s vision of aggressive cost-cutting. Musk had previously suggested that he could cut $2 trillion from the federal budget.

However, this approach has met with criticism. Nobel laureate Paul Krugman expressed concerns over the proposed spending cuts, warning about risks to Social Security, Medicare, Medicaid, and national defense.

Did You Know?

• Congress Is Making Huge Investments. Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool

Photo by Featureflash Photo Agency on Shutterstock

This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal