Elon Musk, a supporter of Donald Trump, has suggested that the GOP's economic plans would involve temporary economic hardship to reduce government spending.

A group of 23 Nobel Prize-winning economists warned that Trump's economic proposals, including tariffs and tax cuts, could lead to higher prices, larger deficits, and greater inequality.

The U.S. economy is currently on firm footing with rising consumer confidence, job growth, and wages outpacing inflation, but many Americans still face high living costs.

Elon Musk has proposed cutting $2 trillion from the federal budget, though specifics on where cuts would occur were not provided.

SpaceX, Musk's company, has received significant federal funding, raising potential conflicts of interest if Musk were to oversee federal cost-cutting.