The blush is off the rose, or, rather, the orange. The erstwhile “First Buddy” and born-again fiscal hawk Elon Musk recently said he was “disappointed” by Donald Trump’s spendthrift budget currently under debate in the US Senate. Squeaking through the House of Representatives thanks to the capitulation of several Republican deficit hardliners, this “big, beautiful bill” certainly increases the federal debt bigly – by nearly $4tn over the next decade.
Equally disappointed are those who have been busy burnishing Trump’s populist veneer. Steve Bannon had repeatedly promised higher taxes for millionaires, but he has confessed he’s “very upset”. That’s because the bill would cut taxes by over $600bn for the top 1% of wage-earners, also known as millionaires. It amounts to the largest upward transfer of wealth in American history.
