- Coinbase CEO backs the DOGE department to reduce U.S. government waste and enhance economic freedom.
- DOGE department led by Musk and Ramaswamy targets federal efficiency, spending cuts, and regulation reduction.
- Armstrong suggests limiting U.S. government spending to 10% of GDP to ensure fiscal accountability and sustainability.
The newly formed Department of Government Efficiency (DOGE) received positive feedback from Coinbase’s head, Brian Armstrong, who says it can improve economic liberty in the USA. Musk and Ramaswamy created the department to cut out excessive spending and make suggestions for restructuring federal departments. Armstrong’s comments came after the agency on November 13 declared that U.S. President-elect Donald Trump had appointed Musk and Ramaswamy to head the effort.
DOGE Department Aims to Improve Government Efficiency
The Department of Government Efficiency (DOGE) is intended to focus on problem areas in the U.S. Federal Government. Musk and Ramaswamy intend to reform agencies, combat incompetent censorship, and decrease expenditures.
They aim to make government operations leaner, more effective, and responsive to modern needs. In a recent post on X (Twitter), Armstrong highlighted the department’s potential to improve economic conditions by addressing issues of wasteful government expenditure.
Armstrong added that the concept behind DOGE could help curb the growth of government bureaucracy, a challenge he believes the U.S. faces as political campaigns often promise more government services without addressing fiscal sustainability.
Armstrong Advocates for Constitutional Reforms
In addition to supporting the DOGE initiative, Armstrong suggested that more fundamental reforms might be necessary to limit government spending in the long term. He recommended changing the US Constitution to limit total governmental spending with a conceivable ceiling of 10% of GDP. He says this measure would help future administrations to be more responsible in spending people’s money.
Moreover, Armstrong's opinion includes creating a sovereign fund that will distribute dividends from American budget surpluses to every citizen of the country. This fund will give citizens a stake or a skin in the government’s expenditures, thus giving them a direct interest in the country’s finances. Armstrong also noted that this idea might help make Congress more watchful over the expenditure of government cash.
Musk’s Influence On DOGE Token And The U.S. Economy
Even though the new government agency called the Department of Government Efficiency does not have any connection to Dogecoin, cryptocurrency experienced a boost after this organization's formation. On November 14th, Dogecoin reached a high of $0.39 for the year before breaking lower. This price increase was witnessed after Musk, one of the meme coin’s biggest supporters, said he was buying DOGE.
This sparked much conversation in cryptocurrency since the Agency’s acronym is DOGE. Musk has always been linked with the coin, and in 2022, he came under legal scrutiny for alleged manipulation of the coin’s price but was vindicated. The rise in the cost of DOGE due to the announcement also proves Musk’s pertinence in the world of cryptocurrency and American policies.
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