Can ‘DOGE’ under Musk and Ramaswamy curb government spending?
As the precious metals market gives up gains from a nearly year-long rally, Elon Musk and Vivek Ramswamy are preparing to lead the newly formed Department of Government Efficiency under Donald Trump
The goal of the two businessmen is simple: Curb wasteful government spending and oversee an operation that could see the United States operate under a fiscal surplus for the first time since 2001.
Can they be successful?
Plenty of gold and silver investors are operating on a “debasement trade,” as a recent note from JP Morgan recently suggested. The U.S. dollar has been devalued at an increasingly higher rate, and while small amounts of inflation are a healthy tenant of any economy, the recent devaluation of the dollar has caused havoc on the middle class.
Musk and Ramaswamy have announced the department will release all of its decisions to the public in the interest of transparency, and will also be working on a list of the most egregious offenders of wasteful government spending for public consumption.
National Association of Realtors chief economist Lawrence Yun told The Economist, “Musk will be in charge of government efficiency with the goal of thinning out unnecessary staff and programs. We do not know where or when he will focus. The bulk of spending is currently off limits to any cuts, like Social Security.”
A bit of healthy skepticism
TD Cowen Washington Research Group’s Chris Kreuger said in a note that previous attempts to curb wasteful spending from new administrations have often failed to reach the implementation stage.
“The track record on generating attention and driving the conversation is quite good; the track record on implementation is quite poor. Time will tell,” Krueger wrote.
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