The apparent decision by billionaire businessman Elon Musk to launch his own political party in reaction to Congress passing President Trump’s “big, beautiful bill” is, at first glance, an intriguing one.

Musk is completely correct that Trump’s domestic policy bill completely abandons any pretense at hewing to fiscal conservatism, raising both the debt and the deficit over the long run. One may be able to quibble over the exact amount, and we won’t know the real answer until we’ve lived with it for a few years, but that basic assertion is indisputable.

The nearly unanimous support of Republicans in Congress has effectively killed the fiscal conservatism wing of the Republican Party. This, in turn, has completely destroyed the three-legged stool of American conservatism: social conservatism, fiscal conservatism and foreign policy conservatism.

When one considers that the majority of Americans have unfavorable views of both the Democratic and Republican parties, it would seem to be the ideal time to launch a third party. Theoretically, a party that appealed to a significant, if not necessarily broad, swath of the American electorate could have an impact on American politics, even if it never comes anywhere near electing a president or taking a majority in Congress.

Given how close control of the House and Senate are these days, it wouldn’t take much for a third party to decide control of power. Musk has said that’s the approach his new party would take, targeting a few seats here and there rather than trying to be a truly national party. That might seem reasonable, but it’s doubtful he’d actually be able to pull it off.

Forming a new political party isn’t simply a matter of having enough money. It’s extraordinarily difficult to form new political parties in this country. In Maine, for instance, they have to sign up at least 5,000 voters, have municipal caucuses in every county and hold a state convention. That might seem eminently doable, but it takes a ton of grassroots organizing. You have to find grassroots activists willing to put in the work, whether paid or unpaid.

Another method is to float a gubernatorial or presidential candidate under a party banner. If they receive at least 5% of the vote, then a party can be organized on that basis, if it can hold caucuses in every county and have a state convention. That may seem like a lot, and it is, but other states have even more burdensome requirements than Maine. It would take a few years of effort, regardless of how much money one has, to get ballot access in even a few key states, let alone nationally.

Another problem is the basic organizing principles for his new America Party, which at this moment exists in name only. His primary driving issue is fiscal policy, namely the ever-increasing debt and deficit. As a committed fiscal conservative, I find that perfectly admirable and would like to say that I supported his efforts. The Republican Party certainly isn’t truly committed to fiscal conservatism, and the “big, beautiful bill” is only the latest example; it’s been trending that way for decades.

That’s a fine idea, to be sure, and indeed polls show that voters care about federal spending and the deficit. On the surface, it would appear that the America Party could speak to the 53% of Americans who consider federal spending and the deficit a top concern. Although it’s an intriguing theory, no political party — let alone candidate — can focus on only one issue.

Once it starts to address other issues, it starts to lose people for various reasons. Independents who are pro-choice might not ever support a pro-life candidate, for instance. Another problem is that while many voters say they want to cut spending, when they’re polled on specific cuts they often oppose cutting, well, anything.

The legal difficulties and political realities would both seem to doom Musk’s efforts to failure before he even really begins. Even if he’s able to overcome the legal difficulties with his vast, although not unlimited, resources, the political realities will be an entirely different challenge. Those could range from recruiting candidates to raising money and fending off attacks from both parties.

It would be nice to think that there’s a huge hidden swath of voters out there obsessed with fiscal responsibility above all else, but if they existed both parties wouldn’t be ignoring the issue. I wish Musk the best, but it’s hard to see his plan coming to fruition — let alone in time for next year’s elections.