President Trump said on Thursday he intends to create a new Cabinet position geared toward cutting the cost of living if elected to a second term in the White House...

'I will create a new Cabinet position for a senior member of my administration who will be tasked exclusively with doing everything in the federal government's power to reduce the cost of living,' Trump said.

Musk, who knows a thing or two about running efficient businesses, has reportedly suggested he could help Trump reduce federal waste and rein in government spending.

The two have even discussed a 'secretary of cost-cutting' role for Musk, though Trump noted that Musk's business commitments make it unlikely he'd take an official position.

The creation of this role signals that Trump is serious about addressing America's cost-of-living crisis.