Send Rick Newman a message, Follow him on Xor Sign up for his newsletter.

Paulson told the Wall Street Journal that the top priority in the next Trump presidency will be extending the 2017 Trump tax cuts to keep the tax burden on billionaires low. Billionaires create every job in America except federal jobs, which we don't need anyway. Therefore, the government's logical top priority is to keep the billionaires quiet.

There are a few technical details that the Trump billionaires need to sort out.

For the past 237 years, Congress has been responsible for spending, and any appropriation or cancellation of a prior appropriation must be passed by Congress in the form of a law. Something like a law. The same applies to the creation or dissolution of any government agency. Cabinet secretaries and presidential cronies can't just kill the Education Department or cut $500 billion in green energy spending.

This is actually the crux of the problem. The national debt is $34 trillion and will only continue to rise as Congress continually passes spending bills that require more money than the government collects in tax revenue. In other words, Congress always sets taxes that are less than the government spends.

Almost all politicians complain about the gigantic national debt, but they are the ones who caused it. And the reason they created it is because the voters, the people who keep them in office, like the combination of low taxes and government services that exceed the revenue available to finance them. The nation can live beyond its means indefinitely as long as it can borrow to fill the gap.

There are several ways to fix this unpleasant problem.

By the 2026 midterm elections, Musk will likely shrink the government, allowing voters to express their enthusiasm by giving Trump-backed Republicans the broadest single-party control of Congress ever. But if that doesn't happen, Musk Co. could end the election if they could overturn the U.S. Constitution with the help of the Supreme Court, which already has a pro-Trump majority.

Or they could convince voters that it is finally time to swallow the bitter medicine and accept cuts to Social Security and Medicare benefits, highway funding, food aid, national security, national park maintenance, agricultural subsidies, veterans' benefits, environmental protection, worker safety, etc . and countless other programs without punishing their elected representatives for all the misery they will cause.

Many have tried and failed. But Musk, Paulson and the other billionaires are there, so Americans should feel confident that they are in good hands.

Rick Newman is a senior columnist for Yahoo Finance. Follow him to X @rickjnewman.

Click here for political news related to the business and monetary policies that will shape tomorrow's stock prices.

Read the latest financial and business news from Yahoo Finance