28 March 2025 | Dollar

Elon Musk calls for new budget reforms to avert US economic crisis

Elon Musk calls for new budget reforms to avert US economic crisis

The head of the Department of Government Efficiency (DOGE), Elon Musk, has warned that unchecked government spending could lead to a significant financial downturn in the United States. In a recent interview with Fox News, he underscored the urgent need for fiscal reform, noting that the country will float like a stone if no action is taken.

A comprehensive government spending review was launched shortly after Donald Trump's inauguration, aiming to slash $2 trillion off the budget. As of March 27, the DOGE has reportedly saved $130 billion through multiple efficiency measures. Musk reports that overhead costs in government spending are often responsible for significant misuse of public funds and fraud. Therefore, he proposes to cut it by 15% while preserving important social programs.

Musk's key strategies include selling or repurposing unused federal buildings, eliminating redundant agencies, and completely overhauling government procurement processes. The department’s head also criticizes the federal credit card system for employing twice as many people as it should.

Trump has tasked the DOGE with optimizing America's budget within 18 months. Government spending reform remains the hottest issue in the US, receiving backing from Republican lawmakers while raising concerns among opposition members.

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