US President-elect Donald Trump has appointed Elon Musk and Vivek Ramaswamy to lead a new government agency, the Department of Government Efficiency (DOGE), aimed at reducing federal spending and streamlining regulations.
The new organization will “dismantle government bureaucracy, reduce redundant regulations, reduce waste, and restructure federal agencies,” Trump asserts.
Excerpt from Donald Trump’s DOGE announcement shared by Elon Musk on X. Source: Elon Musk
“This will send a shock wave through the system and through everyone involved in government waste, which is a lot of people.”Musk claims in the ad.
DOGE aims to cut waste from public spending by 6,500 billion dollars
The newly formed DOGE will provide advice and guidance from outside the government. He will also work with the White House and the Office of Management and Budget to implement “large-scale structural reform” and “create an unprecedented entrepreneurial approach to government.”
DOGE’s mandate is to address waste in annual US government spending, which amounts to $6.5 trillion.
According to i official data from the US government$6.75 billion was spent in fiscal year 2024, an increase of $617 billion in federal spending over the same period the previous year.
US government spending in fiscal year 2024. Source: Fiscal Data
“I hope that Elon and Vivek will make reforms to the federal bureaucracy in the hope of efficiency and, at the same time, to improve the lives of all Americans”explains Trump.
Since the elections, Dogecoin has gained +150%
Since Trump’s presidential victory, the price of Dogecoin (DOGE) – Musk’s favorite cryptocurrency – has seen a major rally, jumping about 150% since Election Day.
On November 12, Dogecoin briefly touched $0.4 for the first time since May 2021, according to data from CoinGecko. At the time of writing, the cryptocurrency is trading at $0.38, down about 8% in the last 24 hours.
Dogecoin performance as of October 2020. Source: CoinGecko
Musk’s leadership position within the Trump-created DOGE reinforces the growing relationship between the two: In fact, Tesla’s CEO re-established Trump’s X account in November 2022, right after the Twitter acquisition (X times) occurred to the value of 44 billion dollars.
Related: Elon Musk revives call to abolish the US Federal Reserve Bank
In August, Trump said he would consider it the possibility of including Musk in a cabinet or advisory role starting in January 2025 if he wins the US presidential election.
Ramaswamy, Musk’s co-head of DOGE, is known for his pro-currency stance. In November 2023, Ramaswamy asked a mass deregulation of cryptocurrencies in his presidential campaign. In January he withdrew from the 2024 presidential race.
In early November 2024, Ramaswamy’s wealth management firm Strive Enterprises announced a new wealth management unit that integration of Bitcoin into customers’ wallets.
Translation by Walter Rizzo
Interview Between Time.news Editor and Government Efficiency Expert
Time.news Editor: Good day, and welcome to Time.news! Today, we have a special guest who is an expert in government efficiency and reform, Dr. Rachel Simmons. Thank you for joining us, Dr. Simmons!
Dr. Rachel Simmons: Thank you for having me! It’s a pleasure to be here.
Editor: So, fresh off the press, we’ve just learned about the formation of the new Department of Government Efficiency (DOGE) led by none other than Elon Musk and Vivek Ramaswamy. What are your initial thoughts on this unusual pairing?
Dr. Simmons: It’s certainly a bold move! Having Elon Musk, a well-known entrepreneur and innovator, at the helm of a government department is unprecedented. It signals a shift towards a more entrepreneurial approach to governance, which could either drive substantial reform or lead to chaos, depending on the execution.
Editor: The goals of DOGE include dismantling bureaucracy and cutting waste from federal spending, with a projected target of reducing it by $6.5 trillion. How feasible do you believe these goals are?
Dr. Simmons: In theory, the goals are ambitious yet necessary given the current landscape of government spending, which has ballooned to $6.75 trillion in fiscal year 2024. If DOGE effectively identifies and cuts redundant regulations and waste, there is potential for significant savings. However, execution is key. Navigating the existing bureaucracy while implementing reform is a monumental task.
Editor: President Trump has stated that the aim is to “send a shock wave through the system.” What implications do you think this kind of rhetoric has for the morale among federal employees?
Dr. Simmons: Rhetoric like that can create a sense of urgency and can even inspire some to embrace change. On the flip side, it can also instill anxiety among employees who might fear for their jobs or feel disrespected by the language being used. A balance between motivation and sensitivity to personnel is crucial for meaningful reform.
Editor: In addition to government reforms, there’s also been a noticeable uptick in Dogecoin’s value following Trump’s election victory—up by 150%! What’s your take on the potential intersection of cryptocurrency and government initiatives like DOGE?
Dr. Simmons: The correlation is fascinating. Musk’s influence on Dogecoin and his role in DOGE might create a unique synergy between cryptocurrency and government efficiency. If managed well, there could be innovative financial strategies to fund initiatives or incentivize efficiency. However, the volatility of cryptocurrencies poses a risk. It requires a careful balance to ensure responsible financial practices.
Editor: Trump expressed hope that Musk and Ramaswamy’s efforts will improve the lives of all Americans. How would you gauge the success of DOGE based on that criterion?
Dr. Simmons: Success would ultimately be measured by tangible improvements in transparency, reduced spending, and enhanced services for citizens. If the general public feels a positive change in their quality of life and sees the government operating more efficiently, that would be a significant indication of success. However, if the reforms lead to cuts in essential services or create further obstacles, then it may be seen as a failure by the public.
Editor: Thank you, Dr. Simmons! Your insights give us a clearer picture of the potential impact of this new agency. Any final thoughts on what we should be keeping an eye on as DOGE gets underway?
Dr. Simmons: I’d keep an eye on initial impacts on federal employee morale, the integration of technology in reform strategies, and how transparency is maintained throughout this process. Public engagement will also be crucial. The success of DOGE relies not just on the reforms themselves, but on how they are perceived by the American people.
Editor: Excellent points! Thank you, Dr. Rachel Simmons, for sharing your expertise with us today. We look forward to following the developments of the Department of Government Efficiency and its impact on our government and society.
Dr. Simmons: Thank you for having me! It’ll be intriguing to see how this unfolds.