Elon Musk to Head New U.S. Agency
The latest effort to modernize federal operations in the United States came last week with the announcement of a new department-Department of Government Efficiency, or DOGE. Announced by President-elect Donald Trump on Nov. 13, the department is to be co-headed by Tesla Chief Executive Elon Musk and entrepreneur Vivek Ramaswamy. It has been tasked with eliminating government waste, streamlining regulations, and restructuring inefficient agencies.
With Musk’s reputation for taking on some of the biggest challenges, many hope he will bring this into the government’s overhaul. Ramaswamy also brings a fiscally conservative, deregulatory bent to his leadership and will handle the legal and policy parts of the initiative, while Musk maintains an overview of the entire initiative. They look to mold a new way the federal government functions, fittingly around the ideas of efficiency and fiscal responsibility.
Armstrong’s Vision for Economic Reform
DOGE Agency Hailed as Potential Game-Changer for US Economic Freedom by Coinbase CEO Brian Armstrong In a thread from X on Nov. 17, he voiced his opinion supporting the initiative with radical proposals for greater government accountability.
His signature proposals are such as the constitutional spending limit on the government at 10 percent of the gross domestic product of the country. Armstrong says, “Limiting government growth in such a manner discourages it from spending in unsustainable ways, thereby hindering economic growth.” According to him, that would make the future governments spend within well-defined fiscal limits.
Armstrong further suggested establishing a U.S. sovereign wealth fund. In that model, surplus government budgets would yield dividends to its people; every American would have a financial interest in the success of the nation. Armstrong believed that with this model, an incentive alignment between public and government could be created while fostering common wealth.
Dogecoin Soars on Announcement
DOGE, on its part, has no connection to the so-called Dogecoin memecoin, but the latter nonetheless managed to appreciate in price massively upon the announcement. The token jumped to a high of $0.39 from $0.36 shortly after news about Musk’s involvement went public.
Musk’s influence on DOGE’s market movement was often accredited to his long association with the cryptocurrency. Having faced allegations of manipulating Dogecoin’s price on more than one occasion, in one lawsuit against him in 2022, Musk was able to clear the charges.
There is no official link found between DOGE and the newly announced agency, but the community has projected positive reception of the token, leveraging Musk’s lingering presence and hype around the new endeavor.
