Tesla and SpaceX CEO Elon Musk doesn’t have much in the way of nice things to say about Biden’s expensive Build Back Better plan. In fact, he believes the entire thing should just be scrapped.
While speaking at an event sponsored by the Wall Streat Journal, Musk pointed out that once a lot of these subsidies, regulations, and rules pass, there’s not really a way to get rid of them, and to be sure, he has a huge problem with a lot of what’s in the bill.
“Honestly, it might be better if the bill doesn’t pass,” Musk said.
Musk detailed how we would effectively be spending $3 trillion more than we earn and that if it were a private business, this would be counted as a huge loss. Add on top of that all the other obligations already piled onto the taxpayer such as social security. It also hinges on nothing else bad happening that would further impact the economy, which no one can actually predict.
Musk went on to say that the government should act as a referee and not a player on the field, adding that government should just get out of the way and not impede progress. Moreover, the rules and regulations they impart don’t just go away, making it harder for nations to advance.
Many of these rules stagnate as the situations around their creation change, making getting rid of them important according to Musk.
“Rules and regulations are immortal,” he said. “They don’t die. The vast majority of rules and regulations live forever… there’s not really an effective garbage collection system for removing rules and regulations, so this hardens the arteries of civilization where you are able to do less and less over time.”
Musk was asked about whether or not he supports the subsidies being thrown toward electric vehicles.
“We don’t. So there’s no need for supporting a charging network. I would delete it. Delete. I’m literally saying get rid of all subsidies. I’m literally saying get rid of all subsidies,” he said.
Musk said that when he started Tesla and began rolling out electric cars, there were no expectations of subsidies. The subsidies being cooked up in the BBB plan are a result of General Motors lobbying from them, but Musk reiterated that subsidies do need to die.
He finished off by making it clear that all the government spending happening right now needs to stop.
“In general, if we don’t cut government spending, something really bad is going to happen,” said Musk. “This is crazy. Our spending is so far in excess of revenue it’s insane.”
While there is a subsidy for electric vehicles in the BBB bill, Tesla would reap almost none of it since it’s primarily geared toward companies that utilize union labor. This excludes Tesla and other manufacturers like Toyota and effectively making this a payoff to American unions.
Moreover, Musk is looking at this bill from the perspective of a business leader and seeing the cracks and pitfalls of the spending our government is doing, labeling it as “insane.” Musk pointed out that the government is “a corporation in the limit” with a monopoly on power and the only corporation that can legally do violence. Considering it’s a corporation that can’t go bankrupt, handing it more money than it actually deserves is a horrid idea.