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As the bond market declined – higher yields mean lower prices – the stock market rose. Clearly, investors expect the next Trump administration to produce higher government budget deficits and more debt."/><meta data-rh="true" name="robots" content="index, follow, max-image-preview:large"/><meta data-rh="true" name="article:title" content="Elon Musk’s US$2 trillion fiscal fantasy"/><meta data-rh="true" name="article:description" content="When the US presidential election was called for Donald Trump, the yield on 10-year US government bonds increased from 4.3 to 4.4 per cent, and the 30-year-bond yield rose from 4.5 to 4.6 per cent, with both remaining at those levels 10 days later. As the bond market declined – higher yields mean lower prices – the stock market rose. Clearly, investors expect the next Trump administration to produce higher government budget deficits and more debt."/><meta data-rh="true" name="article:published_time" content="2024-11-23T05:00:00+08:00"/><meta data-rh="true" name="created" content="1732309200"/><meta data-rh="true" name="article:modified_time" content="2024-11-22T16:25:02+08:00"/><meta data-rh="true" name="updated" content="1732263902"/><meta data-rh="true" name="article:articleid" content="5385146"/><meta data-rh="true" name="articleid" content="5385146"/><meta data-rh="true" name="article_id" content="5385146"/><meta data-rh="true" name="article_tags" content="us politics,donald trump,elon musk"/><meta data-rh="true" name="article:sph-keywords" content="US politics,Donald Trump,Elon Musk"/><meta data-rh="true" name="article:author" content="Jeffrey Frankel"/><meta data-rh="true" name="author" content="Jeffrey Frankel"/><meta data-rh="true" name="article:sph-accessflag" content="2"/><meta data-rh="true" name="article:pageclass" content="article"/><meta data-rh="true" name="google-site-verification" content="64YzaSIKUvOcgG1DccSNNzlWDqXwjSx4lDDgbgtDLJE"/><meta data-rh="true" name="format-detection" content="telephone=no"/><meta data-rh="true" name="article:category_id" content=""/><meta data-rh="true" name="article:category" content="Opinion & Features"/><meta data-rh="true" property="og:site_name" content="The Business Times"/><meta data-rh="true" property="og:type" content="article"/><meta data-rh="true" property="og:url" content="https://www.businesstimes.com.sg/opinion-features/elon-musks-us2-trillion-fiscal-fantasy"/><meta data-rh="true" property="og:title" content="Elon Musk’s US$2 trillion fiscal fantasy"/><meta data-rh="true" property="og:description" content="When the US presidential election was called for Donald Trump, the yield on 10-year US government bonds increased from 4.3 to 4.4 per cent, and the 30-year-bond yield rose from 4.5 to 4.6 per cent, with both remaining at those levels 10 days later. As the bond market declined – higher yields mean lower prices – the stock market rose. Clearly, investors expect the next Trump administration to produce higher government budget deficits and more debt. Read more at The Business Times."/><meta data-rh="true" property="og:image" content="https://cassette.sphdigital.com.sg/image/businesstimes/236313a5cefea8665891268fe2db5c88c1edb6690903363a483b5ab7022ffdf8"/><meta data-rh="true" property="og:image:width" content="1200"/><meta data-rh="true" property="og:image:height" content="630"/><meta data-rh="true" property="og:image:alt" content="Elon Musk speaks with U.S. President-elect Donald Trump as they watch the launch of the sixth test flight of the SpaceX Starship rocket in Brownsville, Texas, U.S., November 19, 2024. Brandon Bell/Pool via REUTERS"/><meta data-rh="true" property="fb:admins" content="100008016031098"/><meta data-rh="true" property="fb:pages" content="288031731262011"/><meta data-rh="true" property="fb:app_id" content="328386607332790"/><meta data-rh="true" property="twitter:card" content="summary_large_image"/><meta data-rh="true" property="twitter:site" content="@BusinessTimes"/><meta data-rh="true" property="twitter:title" content="Elon Musk’s US$2 trillion fiscal fantasy"/><meta data-rh="true" property="twitter:url" content="https://www.businesstimes.com.sg/opinion-features/elon-musks-us2-trillion-fiscal-fantasy"/><meta data-rh="true" property="twitter:description" content="When the US presidential election was called for Donald Trump, the yield on 10-year US government bonds increased from 4.3 to 4.4 per cent, and the 30-year-bond yield rose from 4.5 to 4.6 per cent, with both remaining at those levels 10 days later. As the bond market declined – higher yields mean lower prices – the stock market rose. Clearly, investors expect the next Trump administration to produce higher government budget deficits and more debt."/><meta data-rh="true" property="twitter:image" content="https://cassette.sphdigital.com.sg/image/businesstimes/236313a5cefea8665891268fe2db5c88c1edb6690903363a483b5ab7022ffdf8"/><meta data-rh="true" property="twitter:image:alt" content="Elon Musk speaks with U.S. President-elect Donald Trump as they watch the launch of the sixth test flight of the SpaceX Starship rocket in Brownsville, Texas, U.S., November 19, 2024. 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md:px-6 min-h-[50px] text-gray-850 mt-4 space-y-4 md:flex md:flex-wrap md:space-y-0" data-testid="article-authors-list-component"><div class="flex flex-row items-start justify-start gap-2" data-testid="byline-component"><div class="flex flex-shrink-0 flex-row items-center justify-start"><img class="rounded-full" src="/assets-web2/default-BSkyYMCQ.png" alt="Jeffrey Frankel" width="50" height="50"/></div><div class="flex flex-col flex-wrap pl-2"><div class="flex flex-wrap gap-x-1.5"><h4 class="align-middle font-poppins font-semibold text-gray-850 word-break text-base" data-testid="byline-name-component"><a class="!text-gray-850 hover:underline" href="/authors/jeffrey-frankel" target="_blank">Jeffrey Frankel<!-- --> </a></h4></div><div class="font-public-sans text-xs font-normal leading-6 text-gray-650"><span data-testid="article-published-time">Published <!-- -->Sat, Nov 23, 2024 · 05:00 AM</span></div></div></div></div><div class="mb-3 flex items-center justify-between border-b border-t 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bg-gray-250"></div></div></li></ul></div></div><div class="splide"><div class="splide__track"><ul class="splide__list"><li class="splide__slide"><div><div class="py-2 px-3 font-poppins text-xs text-gray-850 md:px-8">Under the next Trump (left) administration, the new Department of Government Efficiency – to be headed by Elon Musk (right) and Vivek Ramaswamy – will supposedly cut waste, fraud and abuse from the federal budget. PHOTO: REUTERS</div></div></li></ul></div></div></div><div class="body-content tracking-tighter mb-6 mt-4 font-lucida text-lg font-medium leading-normal tracking-[-0.05625rem] text-gray-850 antialiased md:px-8 md:text-xl" data-testid="article-paragraphs-component"><div class="relative [&>*:last-child]:relative [&>*:last-child]:after:absolute [&>*:last-child]:after:inset-0 [&>*:last-child]:after:bg-gradient-to-t [&>*:last-child]:after:from-white [&>*:last-child]:after:to-transparent mb-4 md:mb-6"><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component"><span class="uppercase">When </span>the US presidential election was called for Donald Trump, the yield on 10-year US government bonds increased from 4.3 to 4.4 per cent, and the 30-year-bond yield rose from 4.5 to 4.6 per cent, with both remaining at those levels 10 days later. As the bond market declined – higher yields mean lower prices – the stock market rose. Clearly, investors expect the next Trump administration to produce higher government budget deficits and more debt.</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">It is not difficult to see why. During Trump’s first term in office, he added US$8 trillion to the national debt – all previous presidents combined had accumulated US$20 trillion – despite having promised to run budget surpluses so large that they would eliminate the national debt within two terms.</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">In the campaign, he vowed to cut taxes for seemingly every group that caught his fancy. 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