Elon Musk: The GDP plan won't jeopardize American jobs, 'the potential is limitless'
When D.O.G.E makes a move, the whole country is in an uproar
The D.O.G.E department holds significant power and has bold goals: to cut $2 trillion in government spending, which is almost equivalent to the U.S. government's deficit for 2024. Their plan includes layoffs, budget cuts, and changing rules they consider 'too bloated'.
This plan sounds quite harsh. Elon and his partner Vivek Ramaswamy aim to cut three-quarters of government employees, a figure that has Washington shaking in its boots. But experts do not believe this is feasible.
Seventy percent of government spending goes towards social security, healthcare, and other non-negotiable programs. Of the remaining $1.7 trillion, half has to go towards defense, which is something that can never be reduced.
Even if they really manage to save a substantial amount, they are still far from the $2 trillion target. Critics say this plan is unreliable and could backfire.
Which is more important: immigration or new technology?
D.O.G.E wants to reduce bureaucracy, and Elon states 'the potential is limitless', also mentioning immigration. Entrepreneur Joe Lonsdale and Trump's senior advisor Sreeram Krishnan have both come out saying that the U.S. needs to attract more tech talent, regardless of nationality.
Krishnan argues that the current system is too 'quirky', focusing only on birthplace and not contributions. Trump's White House digital currency and AI mogul Sachs also support him, claiming this is crucial for the U.S. to maintain its technological edge.
Of course, Elon won't miss the opportunity to link immigration with his GDP plan, firmly believing that innovation is the key to economic development. Trump also stated that Krishnan is important to the government and will work with Sachs on AI policy.
Will D.O.G.E create a fiscal disaster?
To be honest, even if they could really cut costs, the $2 trillion target seems quite precarious. The U.S. national debt has surpassed $36 trillion, and the Congressional Budget Office predicts that by 2054, the national debt will account for 166% of GDP.
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