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Elon Musk warns Mamdani policies and ‘low’ universal income would trigger ‘catastrophic decline’ in US living standards
Yahoo Finance· 2025-11-08 11:55
Core Viewpoint - Elon Musk critiques the policies proposed by New York City's new mayor, Zohran Mamdani, suggesting they could lead to a decline in living standards similar to historical socialist systems [1][2][3]. Group 1: Critique of Policies - Musk argues that Mamdani's proposal for city-owned grocery stores, aimed at keeping prices low, could result in inefficiencies and shortages, reminiscent of past socialist economies [2]. - He emphasizes that the government’s involvement in the economy, likening it to the inefficiencies of the DMV, would not yield positive outcomes for consumers [1][2]. - Musk warns that implementing Mamdani's policies at scale could lead to a catastrophic decline in living standards for all socioeconomic classes [2]. Group 2: Political Context - Mamdani, a democratic socialist, recently won the New York mayoral race, becoming the first Muslim and South Asian mayor of the city [3]. - Musk's comments reflect a broader concern among some wealthy individuals regarding the potential impact of Mamdani's governance on New York City [5]. Group 3: Public Reactions - Ken Griffin, a hedge fund CEO, expressed hope that Mamdani's governing policies would differ from his campaign rhetoric, indicating a lack of confidence in the proposed agenda [5]. - Conversely, Alex Soros publicly supported Mamdani, highlighting a divide in opinions among influential figures regarding the new mayor's potential impact [5].