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HomeLocalCan Musk Tame the National Debt? The Economic Future of America Hangs...

Can Musk Tame the National Debt? The Economic Future of America Hangs in the Balance.

 

 

Can Musk Tackle Skyrocketing National Debt? America’s Economic Health Depends on It | Opinion


Donald Trump has entrusted Elon Musk and Vivek Ramaswamy with the vital responsibility of shrinking the federal government’s size and influence. Their success is crucial for every American.

President-elect Donald Trump holds Elon Musk in high regard, which is likely to unsettle many of Trump’s critics.

 

However, Trump’s instincts about Musk, who is the wealthiest person globally and the head of Tesla, appear to be sound.

Trump has assigned Musk, along with fellow entrepreneur Vivek Ramaswamy, the essential task of leading the newly created DOGE, an unofficial Department of Government Efficiency. This will function more as an external advisory group, with some cheekily referring to them as the “DOGE bros.”

I believe there is a strong chance they will generate innovative solutions. Musk and Ramaswamy aim not only to cut down the number of federal workers but also to alleviate the burdensome regulations that have proliferated in recent decades.

 

To grasp the necessity of DOGE’s success, one must consider the national debt, which has now exceeded $36 trillion.

 

The U.S. Treasury describes the debt this way: “Put simply, the national debt is akin to an individual using a credit card for expenses without paying off the total balance each month.”

 

The Treasury also highlights that the public’s share of the national debt has surged by 123% since 2014.

 

Now, consider this: how long can an individual continually accumulate debt, as our government has, before facing a severe backlash?

It’s vital for all Americans that Musk, Ramaswamy, and DOGE succeed.

 

An early test of Musk’s influence occurred recently during contentious Congressional discussions aimed at preventing a government shutdown before the holiday season.

 

The initial continuing resolution to fund the government until mid-March was laden with spending for various initiatives and “pork” that lawmakers included at the last minute. This proposal encompassed over 1,500 pages.

After Musk and Trump expressed their concerns about this massive bill, Republicans were prompted to revise their bipartisan plan.

The final version that narrowly passed to avert a shutdown? Just 120 pages.

Argentine President Javier Milei Demonstrates How Government Reduction Leads to Results

 

President Javier Milei of Argentina has illustrated that cutting back government can lead to favorable outcomes. Just a year since his election, Milei has steered the struggling nation away from recession. As a libertarian economist advocating for free markets, he has cautioned against the risks of socialism and the expansion of governmental powers.

After years of socialist policies, Argentina experienced record-high inflation and a collapsing economy.

Milei pledged change, and he has delivered results. The International Monetary Fund, Argentina’s largest creditor, has praised the country’s outcomes as “better-than-expected.”

 

Of course, the necessary cutbacks required to manage inflation and stabilize the economy are not favored by everyone, leading to some short-term hardship.

However, the belief is that a stabilized economy will attract investments and create more jobs. I sincerely hope the people of Argentina remain committed to this path.

Trump and Musk Aim to Mirror Milei’s Achievements. Godspeed.

Musk has been a strong supporter of Argentina’s president over the past year. Considering DOGE’s significance for Trump’s upcoming term, it is unsurprising that Milei was the first foreign leader to visit Trump after the November election. Musk also attended the dinner at Trump’s Mar-a-Lago estate in Florida.

 

During this gathering, Trump remarked on Milei’s achievements: “The work you’ve done is incredible. Make Argentina Great Again, you know, MAGA. He’s a MAGA person.”

 

Musk and DOGE are aiming to achieve similar outcomes as Milei by implementing budget cuts and reducing regulations.

“The pervasive and increasingly growing bureaucracy poses a significant risk to our republic, and politicians have enabled it for far too long,” stated Musk and Ramaswamy in an article for The Wall Street Journal. “That’s why we are approaching things differently. We see ourselves as entrepreneurs instead of politicians. Our role is to serve as external volunteers rather than government officials. Unlike traditional government committees, we won’t merely produce reports or hold ceremonial events. Our focus will be on reducing expenses.”

This strategy has proven effective in Argentina, and we believe it can succeed here as well.

To all the DOGE enthusiasts, I wish you the best of luck.