Based on Coinbase CEO Brian Armstrong, the planned Department of Government Efficiency, or DOGE, offers incoming President Donald Trump a once-in-a-lifetime opportunity to repair the country’s bloated bureaucracy.
Armstrong shared his views via a Twitter/X post, saying that cutting the federal government’s size can boost economic freedom.
Boosting government efficiency and cutting “bureaucratic fat” have been a part of Trump’s campaign battlecries. In the course of the sorties, the then-Republican candidate teased that X and Tesla’s Elon Musk would head the brand new department.
Will DOGE Improve The Government’s Efficiency?
In a Twitter post shared on November seventeenth, the Coinbase CEO joined the growing chorus supporting the creation of DOGE. The brand new office will give Trump the rare opportunity to handle a bloated bureaucracy, which may boost economic freedom.
Armstrong also explored a couple of suggestions that the brand new agency may consider. For instance, he suggested an amendment calling for a cap on government spending at 10% of the GDP. He shared that America’s founding fathers were geniuses but admitted that governments grow over time and find yourself with loads of guarantees for his or her people.
. @DOGE is a once in a lifetime opportunity to extend economic freedom within the U.S. and cut the dimensions of presidency back to health.
The founding fathers were geniuses but (with humility) can have missed the adversarial incentives which grow the dimensions of democratic government over…
— Brian Armstrong (@brian_armstrong) November 17, 2024
To handle this, Armstrong suggests maximizing incentives, like punishing representatives for budget deficits by stopping them from running in an election. Also, the federal government can arrange a sovereign wealth fund where every US citizen gets a share and offers dividends if a budget surplus exists.
Elon Musk And Vivek Ramaswamy Lead DOGE
The establishment of the DOGE has been getting a number of buzz even before the November fifth US elections. Then, the candidate, Donald Trump, openly criticized the federal government for its bloated bureaucracy and mindless spending. He also teased the opportunity of tapping Elon Musk to guide the brand new agency.
As of today, the market cap of cryptocurrencies stood at $3.03 trillion. Chart: TradingView
Immediately every week after his election, the incoming president formally announced the creation of DOGE and announced Elon Musk and Vivek Ramaswamy to move the agency. Trump has already outlined the possible roles of the brand new agency, including cutting excess regulations, restructuring agencies, and reducing expenses.
DOGE Announcement Gives Mixed Results
Although the DOGE announcement was widely expected, its creation gets mixed results and opinions. For a start, DOGE isn’t an official department, which puts into query the sort of authority and roles of Musk and Ramaswamy. Under federal laws, Congress controls spending.
There are also winners in Trump’s recent announcement of this agency. Along with Musk getting a more energetic role under Trump, the cryptocurrency market, mainly the meme coin Doge, receives full advantages.
The favored meme coin has surged in value days after Trump’s election. With DOGE and Musk getting a number of media coverage, many analysts expect Dogecoin to hit $0.50 by January 2025.
Featured image from DALL-E, chart from TradingView