Elon Musk: America’s new President Donald Trump has formed the Department of DoGE (Department of Government Efficiency). It is named after the meme-based Dogecoin, which is today competing with the world’s oldest and most popular Bitcoin. After Trump’s victory, there was a huge jump in the price of this cryptocurrency. Here, DoGE created under the leadership of Vivek Ramaswamy and Elon Musk can create an outcry in America in the coming times.
America on the verge of bankruptcy
Regarding DoGE, created to clean bureaucracy, Musk says that if this department of his works properly, it will create panic in America. Musk believes that if DoGE were to successfully combat inflation, the prices of many cryptocurrencies including Bitcoin and Dogecoin would fall rapidly. Musk has even said in one of his statements that ‘America is going to go bankrupt soon.’
World’s super power burdened with debt
According to the data released by the US Treasury Department, America’s debt has crossed 36 trillion dollars. Not only this, at present every American citizen has a total debt of about 94 thousand dollars. This figure is alarming and if immediate measures are not taken to deal with it, it may be difficult to recover from it. According to DoGE, the US government earned revenue of $ 4.47 trillion in the financial year 2023. Whereas the expenditure was 6.16 trillion dollars. That means there was a loss of 2.31 trillion dollars.
Income far exceeds government expenditure
The report also revealed that America has not seen a budget surplus since 2001, that is, the government has not earned as much income as compared to expenses. Musk also talked about taking immediate action on this. Along with this, Musk also said that ‘America is rapidly moving towards bankruptcy.’ Here, DoGE will spend on health services, children and NASA, and will also put a stop to unaccounted expenditure. Not only this, through DoGE, Trump has also talked about cutting government expenditure by 500 billion dollars. As soon as this department starts cracking down on unnecessary expenses, the rate of cryptocurrency will also decrease. Dogecoin is also included in this.
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