“Take Dogecoin to the moon!” These are the words that billionaire Elon Musk, the world’s richest man, excitedly uttered when talking about the cryptocurrency Dogecoin. The story goes that Dogecoin was created by two software engineers as a joke. Musk’s subsequent praise for cryptocurrencies has seen their value rise significantly.
The billionaire is (in)famous for his affinity for memes, but who wrote on his 2024 bingo card: “Meme-inspired entity advises U.S. government on how to spend money efficiently” Well, no, there was no one there. However, real life is often stranger than fiction, and we are at a crossroads. President-elect Donald Trump, who won both the popular vote and the electoral vote in the 2024 US presidential election, has announced a number of new reforms for his second term.
pic.twitter.com/042NfHZOQU
— Donald J. Trump (@realDonaldTrump) November 13, 2024
In a flurry of announcements, he announced the creation of a new department called the Department of Government Efficiency (DOGE) to help his administration cut government spending. Interestingly, the department that is supposed to oversee efficiency is headed by two people: Elon Musk and former Republican presidential candidate Vivek Ramaswamy.
Also read: Why Elon Musk is the real winner of the 2024 US presidential election
So what exactly is DOGE?
To be clear, DOGE is not a government agency. In announcing DOGE, President Trump promised to complete the department’s work no later than July 4, 2026. Interestingly, that date coincides with the 250th anniversary of the signing of the Declaration of Independence.
Government Efficiency Bureau pic.twitter.com/HFeHYNIkJN
— Elon Musk (@elonmusk) September 7, 2024
In the administration’s own words, DOGE will “provide advice and guidance from outside the government” on where it can function more effectively. Elon Musk claimed during his campaign with President Trump that he could “cut government spending by more than $2 trillion.” How he plans it is anyone’s guess.
Musk is not the only one making bold statements. Former Republican presidential candidate Vivek Ramaswamy, the flip side of the DOGE coin, also shares the views of his compatriots. Billionaire Ramaswamy has famously advocated abolishing the Education Ministry, and the next president has promised to do the same.
So what’s the problem?
This is not the first time the administration has attempted to cut spending, but DOGE certainly appears to be the least structured. First, critics fear that the ministry’s functions will lead to budget cuts for many important government employees, namely the social security sector. Second, because DOGE is not officially part of the government, it cannot implement budget cuts without Congressional approval, which calls into question the need for the department in the first place.
What’s going on at the Ministry of Government Efficiency?
byu/Paleontologist New440 inoutside the loop
Critics also say Elon Musk, who famously bought social media platform Twitter for $44 billion in 2022, changed its name to X, and cut about 80 percent of its workforce, will be at the helm. They also question the efficiency of the department itself. Company X is now valued at about $12.5 billion, a 71% drop in valuation since Musk took office.
Live: #crew8 returning home from a mission to @Space_Station. splashdown @SpaceX The Dragon capsule is scheduled to arrive at 3:29 a.m. ET (0729 UTC).
— NASA (@NASA) October 25, 2024
Elsewhere, Musk has billions of dollars worth of federal contracts with billionaire space technology company SpaceX, while his all-electric mobility company Tesla also benefits from government tax credits for EVs. are. This raises questions about potential conflicts of interest between Musk, the department as a whole, and the federal government.
Doge; What’s the latest?
With the announcement that DOGE will help restructure the federal government, an official account has been opened on X, providing further details about how DOGE will work.
We are extremely grateful to the thousands of Americans who have expressed interest in supporting us at DOGE. We don’t need any more part-time idea generators. We need ultra-high IQ small-government revolutionaries willing to work 80+ hours a week to bring down modest costs. That’s… — Department of Government Efficiency (@DOGE) November 14, 2024
The account’s latest post says it needs “high-IQ small-government revolutionaries willing to work 80+ hours a week to cut costs modestly.” The post also said the top 1% of applicants will be judged by Musk and Vivek Ramaswamy.
What else is new in the Trump administration?
The outgoing Biden administration has been widely criticized for its economic policies and stance on the Israel-Gaza conflict, and it remains to be seen what President Trump will think about the same.
President Trump’s recent announcement that he would appoint Robert F. Kennedy Jr. as the new secretary of health has also drawn criticism, with Kennedy Jr.’s views on vaccines coming under fire from the medical community. Another controversial nomination is Pete Hegseth, a Fox News host and veteran who has never held a senior command position in the U.S. military.
BREAKING NEWS: Donald Trump has chosen Robert F. Kennedy Jr. as his new Secretary of Health.
Mr. Skye @jamesmatthewsky I will report it. https://t.co/PAiZ4D1jU3
📺 Sky 501, Virgin 602, Freeview 233, YouTube pic.twitter.com/06krLqkAND
— Sky News (@SkyNews) November 14, 2024
It’s only been a few weeks since Trump won the election, but there’s no shortage of drama. That said, Trump’s billionaire trio, Elon Musk, who has filed for bankruptcy multiple times, has a string of successful and highly reliable businesses, including Mr. X and Vivek Ramaswamy. He is famous for handling money efficiently. Certainly, do your best to use your tax dollars as efficiently as possible.
Also read: President Trump appoints Elon Musk as DOGE, a new branch of the US government
