Trump Launches 'Department of Government Efficiency'

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Trump administration

Moneywise

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Peter Schiff warns Musk and Ramaswamy’s Department of Government Efficiency ‘has no authority.’ What he says Trump should do if he actually wants to cut federal agencies

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Tesla CEO Elon Musk and former GOP presidential candidate Vivek Ramaswamy will lead a new “ Department of Government Efficiency ” Peter Schiff , chief economist and global strategist at Euro Pacific Asset Management , is skeptical of the initiative.

Schiff argues that the structure of the government makes it unlikely that the new initiative will lead to any concrete changes.

Schiff: "Even if the Trump administration actually proposes some of the DOGE recommendations, they mean nothing unless Congress votes to pass them".

For fiscal 2024 , federal expenditures totaled $6.75 trillion , while revenue collected reached $4.92 trillion .

Deficits like these have fueled the growth of national debt, which now stands at $35.95 trillion .

Musk has already set ambitious goals for reducing the federal budget.

At a Trump campaign event at Madison Square Garden , Musk claimed he could cut at least $2 trillion ’.

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