As a seasoned analyst with over two decades of experience in political and financial markets, I find this new development under the Trump administration quite intriguing. The appointment of Elon Musk and Vivek Ramaswamy to lead the Department of Government Efficiency (DOGE) is an interesting twist, to say the least.
The newly elected President of the United States, Donald Trump, has chosen Elon Musk and Vivek Ramaswamy to head a newly established department, named the Department of Government Efficiency (DOGE). This agency’s primary mission is to decrease government expenditure and lessen regulatory burdens.
According to Trump, the new organization aims to streamline government operations, reduce unnecessary red tape, eliminate unnecessary spending, and realign federal departments for improved efficiency.
In the announcement, Musk stated that this action could create ripples throughout the entire structure, and it’s worth noting that many individuals within the government are implicated in unnecessary spending.
DOGE to cut waste from $6.5 trillion in government spending
A fresh entity, known as DOGE, will offer external counsel and direction, steering clear of governmental involvement. It’s also expected to collaborate with the White House and Office of Management and Budget to instigate a substantial structural overhaul on a grand scale and introduce an entrepreneurial spirit into government operations that has yet to be witnessed.
DOGE’s task includes addressing waste in the US government’s $6.5 trillion in annual spending.
Based on U.S. government records, expenditures reached an astounding $6.75 trillion during the 2024 fiscal year, marking a $617 billion rise in federal spending compared to the previous year at this time.
Trump expressed his anticipation for Elon and Vivek to streamline the Federal Bureaucracy with a focus on both efficiency and improving the quality of life for every American.
Dogecoin price is up 150% since election
Following Donald Trump’s presidency, the value of Dogecoin (DOGE), which is Elon Musk’s preferred cryptocurrency, experienced an impressive surge. In fact, its price increased by around 150% from the date of the election.
On November 12th, I witnessed Dogecoin momentarily spike above $0.4 for the first time since May last year, as per data from CoinGecko. At the moment I’m writing this, however, Dogecoin is trading at around $0.38, representing a drop of approximately 8% over the past day.
Elon Musk’s prominent role in Trump’s Dogecoin (DOGE) stems from the strengthening bond between them since the Tesla CEO re-activated Donald Trump’s Twitter account in November 2022, following his purchase of Twitter (now known as X) for $44 billion.
In August, Trump mentioned the possibility of appointing Musk to a cabinet position or advisory role, effective from January 2025, should he successfully secure the U.S. presidency.
In a nutshell, during his 2023 presidential campaign, Musk’s DOGE associate, Ramaswamy, advocated heavily for reduced regulation of cryptocurrencies. However, he withdrew from the 2024 presidential race in January.
By early November 2024, Ramaswamy’s financial management company, Strive Enterprises, disclosed the launch of a fresh investment division. This division will incorporate Bitcoin investments within the client’s portfolios.
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2024-11-13 12:24