Elon Musk and Vivek Ramaswamy Lead Effort to Cut Federal Spending

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Nov 17, 2024
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Donald Trump has announced the formation of the "Department of Government Efficiency" (DOGE), led by Elon Musk and Vivek Ramaswamy, aiming to propose cost-cutting measures for the federal government. Although not formally established as a federal agency, DOGE seeks to offer recommendations on budget reductions, regulatory oversights, and agency restructuring. Musk stated on social media platform X that he would provide weekly updates on progress.

DOGE is now actively recruiting "super high IQ revolutionaries" to work on governmental cost-cutting initiatives. However, the positions are unpaid, demanding over 80 work hours per week, and focusing on routine efficiency tasks. Applications are only accepted via direct messages through platform X, targeting the top 1% of applicants. Initially, there was confusion as DOGE's account did not enable direct messages, limiting application submissions to only verified users who paid for the platform's certification.

DOGE's objectives include tackling government fraud using technology, reducing improper expenditures, and modernizing agency operations for better efficiency. The agency will also address administrative complexity, enhance cybersecurity, and incorporate artificial intelligence into government operations. Musk has also argued against government funding for non-profits, suggesting it conflicts with their non-governmental nature.

The public's response to DOGE has been mixed, with humorous reactions to Musk's recruitment criteria and suggestions to defund certain federal agencies. Nonetheless, DOGE's lack of defined budget, legal authority, and clear role has raised questions about its effectiveness and the feasibility of achieving its ambitious goals.

Despite its ambitious targets, DOGE has garnered criticism for inefficiency, as it lacks congressional authority over federal budgets. Observers note DOGE as more symbolic than functional, in contrast to existing effective governmental accountability bodies like the Government Accountability Office (GAO), which has historically saved significant amounts of wasteful government spending.

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I/We may personally own shares in some of the companies mentioned above. However, those positions are not material to either the company or to my/our portfolios.