Mars Finance News: Yesterday, Musk posted on X, saying, "As my time as a special government employee is coming to an end, I want to thank President Trump for giving me the opportunity to reduce wasteful spending. The mission of the Government Efficiency Department (DOGE) will only strengthen over time, as it will become a way of life for the entire government." Analysts point out that DOGE-type advisory committees have no authority to cut federal spending, close agencies, or cancel contracts. Their recommendations require implementation by the president or appointed officials, and most cost-cutting measures need congressional legislation. This means Trump should have promoted legislation to legalize DOGE reforms, but he did not do so. The recently passed House budget only approved $9.3 billion in agency cuts, less than 5% of Musk's initial annual cost-cutting target of $20 trillion. "DOGE is all bark and no bite," said Jessica Riedl, a budget analyst at the Manhattan Institute, "Actual cost-cutting may be far below $10 billion." Political reality exposes the nature of DOGE, which may be nothing more than a superficial cost-cutting performance, with the "chronic illness" of the federal budget remaining untouched. Congressional members firmly control various agencies of the executive branch, and even Republicans are unwilling to let "vigilantes" like Musk interfere with their territory. (Jin Shi)
Opinion: Actual savings from Musk's DOGE unit may be far less than $10 billion
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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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