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Elon Musk's DOGE claims $1B daily savings with $3B target

Elon Musk's DOGE claims $1B daily savings with $3B target

GrafaGrafa2025/01/30 12:10
By:Liezl Gambe

The Department of Government Efficiency (DOGE), spearheaded by Elon Musk, has announced it is saving the federal government approximately $1 billion daily.

This significant savings is attributed to measures such as halting unnecessary hiring, eliminating diversity, equity, and inclusion (DEI) programs, and ceasing improper payments to foreign entities.

DOGE's announcement on January 28 highlights its alignment with President Donald Trump's Executive Orders aimed at reducing government expenditures.

“DOGE is saving the federal government approx. $1 billion/day, mostly from stopping the hiring of people into unnecessary positions,” DOGE stated in a post on social media platform X.

The initiative was launched as part of a broader effort to cut inefficiencies within the federal government, with Musk expressing a commitment to tackling excessive spending.

Musk has emphasised the importance of addressing the national debt and has indicated that achieving savings of over $3 billion per day is the next goal for DOGE.

Looking ahead, DOGE plans to review all federal agencies to identify redundant roles, further reduce foreign aid payments that do not align with national interests, and eliminate outdated programs.

Despite its initial success, DOGE faces scrutiny regarding its scope and transparency, as some watchdog groups have raised concerns about its operations under the new executive order.

Musk's involvement in DOGE follows his long-standing advocacy for reducing government waste and inefficiencies.

As the initiative progresses, it remains to be seen how effective these measures will be in achieving long-term savings and whether they will resonate with broader fiscal policies.

Musk has suggested that achieving a budget surplus within the next four years is possible.

“It’s not out of the question,” he stated, reflecting optimism about the potential impact of DOGE's efforts on federal finances.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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