Donald Trump, the Republican presidential candidate, announced on Thursday that he would create a government efficiency commission led by billionaire supporter Elon Musk if he wins the November 5 election. This proposal came during a speech at the New York Economic Club, where Trump outlined his economic vision for the country.

In his address, the former president pledged to reduce corporate tax rates for domestic manufacturers, establish "low-tax" zones on federal lands to encourage homebuilding, and create a sovereign wealth fund. This marked the first public mention of his efficiency commission idea, which Trump had been discussing with aides for weeks.

Trump revealed that Musk had agreed to lead the commission, although he did not provide details on its operation. The commission would focus on eliminating "fraud and improper payments" within six months of its formation.

Musk had previously indicated interest in the role during an August 19 podcast, stating his willingness to serve without compensation or recognition. Trump’s announcement was also met with criticism from Everett Kelley, president of the American Federation of Government Employees, who accused Trump and Musk of aiming to dismantle the nonpartisan civil service.

Trump’s proposal drew mixed reactions. Financier John Paulson supported Musk’s involvement, calling him a "terrific businessman" who could improve government efficiency.

Trump’s Economic Plans

In his speech, Trump reiterated his plan to cut the corporate tax rate to 15% for companies that manufacture domestically. He also proposed opening federal lands for new housing developments, with "low-tax" and "low-regulation" zones to reduce housing costs. Trump had previously mentioned cutting the corporate rate but had not connected it to domestic manufacturing until now.

Additionally, Trump proposed creating a sovereign wealth fund to finance major infrastructure projects, rescinding unspent funds from the 2022 Inflation Reduction Act, and issuing a national emergency declaration to expedite new energy projects. He also suggested banning mortgages for undocumented migrants in California, a proposal lacking details on implementation.

Trump’s housing strategy starkly contrasts with Democratic nominee Kamala Harris's plan to offer a $25,000 credit for first-time homebuyers, which some Republicans and economists argue might increase housing prices. Trump's federal land development proposal could face opposition from environmentalists, and its impact on rural housing demand remains uncertain.

Addressing foreign policy, Trump said he would use economic sanctions sparingly to protect the dollar's global reserve status, a shift from his previous administration’s extensive use of sanctions. Critics, including Harris’s policy adviser Brian Nelson, warned that Trump’s economic agenda could exacerbate national debt, inflation, and job losses.

Despite Trump’s perceived advantage on economic issues, recent polls show his lead over Harris narrowing. Economists caution that his proposed policies might hinder growth and increase inflation, while noting that Republicans would need to retain the House and gain control of the Senate to fully implement his agenda.