Elon Musk, the billionaire CEO of Tesla (NASDAQ:TSLA) and SpaceX, recently expressed excitement on his social media platform X about a possible second term for Donald Trump as President of the United States. Musk called it “the most fun America has had in a while,” adding, “It’s gonna be awesome! ??”

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Not everyone shares Musk’s enthusiasm, though. Billionaire entrepreneur Mark Cuban quickly responded with sarcasm: “Because cratering the economy for a few years will be a blast!” Cuban's tweet highlighted his skepticism about Trump's economic proposals – and Musk's enthusiasm for them.

Musk's statement came during a virtual town hall event held on X. To support Trump's government spending ambitions, Musk has raised the possibility that he would accept a high-level Cabinet post. Specifically, he wants to slash $2 trillion from the federal budget, something he said would involve some "temporary hardship" for Americans. Musk believes cutting back would ensure "long-term prosperity."

But critics – including 23 Nobel Prize-winning economists – warn that Trump’s economic plans could be harmful. They contend that Trump's proposed immigration, tax and tariff policies could increase consumer prices, exacerbate inequality and potentially destabilize the economy.

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Trump wants to impose a 20% tariff on all imported goods, with an even steeper 60% tariff on goods coming from China. Trump says this will boost American production, but many economists worry that these tariffs will push prices up, hurting consumers directly.

Musk has also said he plans to review government expenditures “one item at a time,” with no exceptions or special cases, targeting what he described as “waste” in government spending. Apparently, his goal is to make the government more efficient, even if that means some short-term pain – “Everyone's going to have to take a haircut. ... We can't be a wastrel. ... We need to live honestly.”