On Thursday, Donald Trump, the former president, detailed his economic strategies for a potential second term during a speech to The Economic Club of New York. He expressed his support for a government efficiency commission, which would be initiated at the suggestion of tech magnate Elon Musk. The envisioned commission's primary role would be to conduct a thorough financial and performance review of the federal government and propose significant reforms. Trump mentioned Musk's willingness to oversee the commission if time permits, underscoring that the panel would aim to develop a plan capable of eradicating fraud and improper payments within a six-month timeframe, which Trump claimed could lead to substantial savings for the nation.

In his address, Trump hailed the achievements of his first term while critiquing the current economic situation under the Biden administration. He presented his ideas as a means to steer the country away from what he called an economic nightmare, pledging to overhaul energy policies by reducing regulatory burdens to cut energy prices significantly within his first year. Additionally, Trump proposed to eliminate electric vehicle mandates, promote the U.S. as a central hub for cryptocurrency, and make his previous tax cuts permanent, alongside further reducing tax obligations, including a no-tax-on-tips policy. He assured that his plans would foster low taxes and regulations, decrease energy costs, ensure secure borders, and bolster income for all Americans, claiming the ability to combat inflation and stimulate rapid economic growth.

The establishment of this efficiency commission and Trump's economic proposals have faced scrutiny, particularly concerning their potential impact on the national debt. As the electoral competition intensifies, both Trump and Harris are actively presenting their economic visions. They are expected to confront each other during an upcoming debate, likely focusing on their contrasting economic policies. In a recent campaign event, Harris advocated for initiatives to stimulate small business development while suggesting a modest increase in capital gains taxes, differing from President Biden's previous proposals. The discourse surrounding economic issues is critical as many voters prioritize these topics as they approach Election Day, with recent polling indicating strong public interest in the economy as a deciding factor in the election.