Trump says Musk would head a government efficiency commission if he's re-elected

Former President Trump announced during an economic speech that he would create a government efficiency commission, inspired by Elon Musk, to audit U.S. agencies and eliminate unnecessary spending. Trump also expressed his support for making America the world capital for crypto and Bitcoin, and proposed creating a sovereign wealth fund with revenue generated from tariffs to pay down debt. Musk initially pitched the idea of a government efficiency commission last month during an interview with Trump on X, and expressed his willingness to serve on the commission without pay, title, or recognition. Trump's speech also included vows to cut corporate tax rates, impose tariffs on imported goods, and eliminate ten regulations for every new one put in place. Evidence is mounting that the U.S. economy is starting to struggle under higher interest rates, with consumers feeling downbeat about the economy and the unemployment rate ticking up in recent months. The Federal Reserve is likely to cut interest rates at its next policy meeting, and Vice President Kamala Harris has released her own economic proposals, including raising the capital gains tax rate for wealthy households to 28% and increasing the tax credit for small businesses to $50,000.