The post A close look at Elon Musk and Vivek Ramaswamy’s D.O.G.E – What can it actually achieve? appeared on BitcoinEthereumNews.com.

Elon Musk and Vivek Ramaswamy are teaming up with President-elect Donald Trump to build a project designed to dismantle the U.S. government’s notorious red tape and bloated budget. Trump is calling it the “Department of Government Efficiency”—DOGE for short. Yes, DOGE. Elon’s own homage to Dogecoin, the meme that became a crypto and then, somehow, a serious obsession for retail traders and Elon himself. It’s fitting, maybe even a bit absurd, but that’s the Elon way, isn’t it? This isn’t your typical government agency, it’s not even a real department. DOGE is structured as an advisory body and will supposedly shut down by July 2026, sidestepping the need for congressional approval, which would be a nightmare. Trump has thrown down a massive target for the para-agency: $2 trillion in cuts. He’s claiming DOGE will bring “advice and guidance from outside of government” and “create an entrepreneurial approach to government.” And of course, that includes Elon’s flair for the absurd with a leaderboard to rank the dumbest examples of wasted tax dollars, promising a mix of “tragic” and “hilarious” finds. You can practically hear Elon’s familiar grin from here. How much exactly is $2 trillion in government cuts? Let’s not kid ourselves; $2 trillion in spending cuts is a mammoth goal. For context, the U.S. government’s annual spending is around $6.5 trillion, which means DOGE is gunning to slice off a third of the budget, every single year. This, according to the president, is to identify and eliminate “massive waste and fraud” within the budget, something easier said than done. The Simpson-Bowles commission tried similar measures in 2010, aiming for $4 trillion over a decade by delaying retirement for Social Security and slashing health care costs. But that went nowhere fast. Then there was the Supercommittee in 2011, tasked with finding…

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Filed under: News - @ November 14, 2024 1:23 pm