Elon Musk's efficiency claims fall short amid budget debate
Elon Musk, leading the U.S. government's efficiency department, claims to have saved $175 billion, although he promised $2 trillion. According to Axios, the actual savings are $16 billion CAD.
Elon Musk, who headed the DOGE team, was tasked with reducing U.S. budget expenditures by $2 trillion. However, as Axios reports, the actual savings are only $16 billion CAD. Musk claims to have saved $175 billion CAD, which falls short of the initial promises.
During the election campaign, Musk announced that his actions would significantly reduce spending, cut unnecessary regulations, and eliminate redundant jobs. However, as we read, the effects of his work are minimal, and many people lost their jobs without an apparent reason.
New budget bill
Musk's savings could be offset by a new budget bill being pushed by Donald Trump. This project, referred to as a "great, beautiful bill" by the president, aims to cut taxes and increase spending, which economists predict could lead to a $3 trillion CAD increase in the U.S. budget deficit over 10 years.
At the end of last year, Musk, along with Vivek Ramaswamy, a former presidential candidate, announced massive layoffs of federal officials to seek savings. However, the New York Times calculated that even completely cutting non-defence-related discretionary government spending would not achieve the expected savings.
On Tuesday at 3:00 PM ET, Musk, who will soon leave the White House, thanked Trump for "the opportunity to cut unnecessary government spending."
The central idea here is opportunity—he was in a position to make a meaningful impact. Instead, he failed to act and ultimately eliminated thousands of jobs without providing a clear justification, according to Bloomberg's assessment.
