Musk is lying.

If he was serious about cutting waste, fraud, and a few hundred billion in government spending then he'd be championing Medicare for All, which would cut $650 billion, plus all of the waste and fraud associated with the for-profit healthcare industry.
Reposted from Aaron Rupar
Musk: "The waste and fraud in entitlement spending -- that's the big one to eliminate. That's the half trillion, maybe 600 or 700 billion a year. That's also the mechanism by which Democrats attract & retain illegal immigrants by essentially paying them to come here & then turning them into voters."

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