During a Donald Trump rally at Madison Square Garden, Elon Musk suggested the formation of the Department of Government Efficiency (DOGE), held by Tesla CEO. This new federal initiative seeks to cut the federal government’s spending by a remarkable $2 trillion. This bold proposal is Musk’s latest foray into political rhetoric as he begins to weigh in more and more about U.S. fiscal policy.
When Musk responded to a question from Cantor Fitzgerald CEO Howard Lutnick about how much money the current federal budget could save by a mini merger of the two companies, the news was met with enthusiastic cheers by the crowd.
“What if we set up DOGE and how much do you think you could rip out in this wasted $6.5 trillion of Harris Biden budget?” Lutnick asked. I think we can do at least two trillion.” Musk replied confidently.
Musk Warns America’s Debt Puts Us on Bankruptcy Path
‘You’re at the end of the day, you’re being taxed because all government spending is taxation direct or indirect taxation.’ Musk painted a bleak picture of financial mismanagement when he said, ‘They’re wasting your money, and they’re going to fix it. We’re going to get the government off your back and out of your pocketbook.” He added.
Full Elon Musk speech at Madison Square Garden
“As you can see, I'm not just MAGA. I'm dark gothic MAGA.
The energy in this room is incredible. What a great group of people!”
Howard Lutnick:
“I've only got one question for you, and then I'm getting out of here because this… pic.twitter.com/wu0fGTSDLv
— ELON DOCS (@elon_docs) October 28, 2024
Musk’s proposal to slash the federal government’s spending by $150 billion for fiscal year 2024, equivalent to about $421,500 per second, is the latest effort to clear what the tech entrepreneur considers rampant inefficiency with a highlighter. ‘America’s not just going to be great,’ he said collectively and expressed an optimistic future for the nation. America is about to go up there that it has never gone. “Future will be amazing.”
Its proposed DOGE would conduct comprehensive, financial and performance audits of federal agencies to identify waste and call for large scale budget reforms. Musk, however, has not been shy about lambasting America’s growing national debt, which he states is putting the country on a ‘fast track to bankruptcy.’ Interest payments are now larger than the defence budget, said he, highlighting alarming trends to buttress his initiative.
If Trump is elected in the upcoming election, then Musk’s position in the helm of DOGE is likely to be quite influential about what happens to regulatory bodies that are in charge of his other companies, Tesla and SpaceX. He’s become a much more aligned person with Trump, having made campaign contributions and hung out with Trump in high-profile public appearances, touting a government reformer’s vision of how government should work.
Musk Announces Daily $1 Million Giveaway for Swing State Residents
To gain steam behind his initiative, Musk previously announced a daily $1 million giveaway to any swing state resident who signs a petition for a ‘America PAC’ aimed at creating awareness surrounding national issues and government reform. But this has drawn the ire of the Justice Department, which has questioned whether this initiative breaks the law because it implicates campaign finance laws. But Musk has pressed on with daily prize distribution, part of his plan to deliver to the electorate.
Musk’s proposal has met with scepticism from critics who argue that the huge cuts to federal spending that could result from the plan are not realistic, considering how complicated government budgeting is. However, others warn that cutting government spending could be dangerous for social services and the economy.
The establishment of DOGE and Musk’s wider agenda could see some watching to see how the political landscape evolves. Technology, finance, and government reform are hot topics, and Musk’s role as a billionaire entrepreneur and political figure puts him at the centre of the conversation.
Whether DOGE actually comes to pass is still to be seen, but the vision Musk has for government efficiency has certainly made a first step in talking about the future of federal spending and taxation in America.
Conclusion
Elon Musk’s Department of Government Efficiency (DOGE) vision is to cut $2 trillion, take the tax burden off of the shoulders of the people, and take down government overreach. According to him, the boldness of that approach will take America to a new high prosperity and bring about an American future of economic stability and innovation for all Americans.
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