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Despite its name, it won’t actually be a “department,” like the Department of Education or the Department of Homeland Security. “From the outside, will Musk and Ramaswamy be able to do a whole lot? During a late-October town hall on X, Musk suggested his ideal spending cuts could trigger economic pain for people. Democrats acknowledged they had little ability to prevent the Trump administration from enacting the changes Musk and Ramaswamy suggest. “In this second term in particular, President Trump has a better understanding of what needs to be done and how to do it,” Schatz said.

Persons: Donald Trump’s, Elon Musk, Vivek Ramaswamy, ” —, Ramaswamy, Trump, “, ” Musk, Max Stier, ” Stier, Musk, ”, MacGuineas, Joe Spielberger, ” Ramaswamy, Tucker Carlson, ” Sen, John Fetterman, “ It’s, Trump’s, —, they’re, Elon, Vivek, ” Spielberger, he’s, Lisa Gilbert, “ Musk, ’, Sen, Elizabeth Warren, Dean Phillips Organizations: Trump, “ Department, Government, Department of Education, Department of Homeland Security, White, Management, Budget, Partnership for Public Service, Social Security, Federal, Roivant Sciences, GOP, NBC News, FBI, Alcohol, Tobacco, Firearms, Explosives, Education Department, Nuclear Regulatory Commission, Food and Nutrition Service, Agriculture Department, Democrats, Senate, “, SpaceX, NBC, Twitter, Elon, Public Citizen, Democratic, Democrat Locations: Government

☆ Why Elon Musk's push to cut federal waste might succeed where others failed
▼ + stars: | 2024-11-15 | by ( Jack Newsham | ) www.businessinsider.com time to read: +8 min

Elon Musk and Vivek Ramaswamy are promising to tame the federal government. Substantial changes to the federal budget would most likely require action from legislators, though Trump transition officials are reportedly looking for ways to short-circuit Congress' power over spending. AdvertisementPast presidents have tried to cut the federal budget with mixed successThe federal government isn't a business. AdvertisementClinton took another stab at cutting federal spending and improving government processes with his National Performance Review, which was led and staffed by federal employees instead of the private sector. AdvertisementSocial Security and Medicare are the two single biggest areas of federal spending, and changing them could be politically unpopular.

Persons: Elon Musk, Vivek Ramaswamy, they've, Trump, Reagan, Clinton, Ronald Reagan, Bill Clinton, David Walker, J, Peter Grace, Grace, didn't, Musk, Ramaswamy, Thomas Schatz, hasn't, Lex Fridman's, Veronique de Rugy, —, de Rugy Organizations: Government, Department of Government, Trump, Congress, Government Waste, Grace, Office, Citizens, Securities and Exchange Commission, Federal Aviation Administration, SpaceX, Social, Cato Institute, Social Security, GOP

☆ Jamie Dimon says bankers are 'dancing in the street' because they expect Trump to cut red tape
▼ + stars: | 2024-11-15 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Jamie Dimon says bankers are "dancing in the street" because they expect Donald Trump to cut regulations. President-elect Trump has tasked Elon Musk and Vivek Ramaswamy with eliminating government waste. AdvertisementJamie Dimon says Wall Street is whooping with joy at the prospect of Donald Trump tearing up regulations and revitalizing the banking industry in his second term. AdvertisementExcessive regulation in the US is "a shame, and we're doing this to ourselves, and it's a mistake," Dimon said. The president-elect wrote that DOGE's goal would be to "dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies."

Persons: Jamie Dimon, Donald Trump, Trump, Elon Musk, Vivek Ramaswamy, —, they've, Dimon Organizations: JPMorgan, Service, APEC, Summit, Bloomberg, of Government Locations: Lima , Peru

CNN —President-elect Donald Trump and Elon Musk have big ambitions for making the federal government leaner and more efficient by reviewing its budget and operations from top to bottom. Details about how the new Department of Government Efficiency, or DOGE, will operate – and how Musk and his co-leader Vivek Ramaswamy will avoid conflicts of interest – remain scarce. Musk also took aim at the Department of Education, a frequent target of Trump and Republicans, criticizing the agency for allegedly indoctrinating kids with left-wing propaganda and other failings. Slashing that much from the federal budget – which totaled roughly $6.8 trillion in fiscal 2024 – would require cutting every program by roughly one-third, said Bobby Kogan, senior director of federal budget policy at the left-leaning Center for American Progress. “Trump’s ‘Department of Government Efficiency’ will not be an actual department.

Persons: Donald Trump, Elon Musk, Vivek Ramaswamy, Trump, ” Musk, Ramaswamy, Musk, ”, “, ” Ramaswamy, Stephen Moore, Elon, Vivek, Moore, Larry Summers, Clinton, Glenn Hubbard, George W, Bush, Bobby Kogan, ” Kogan, Brian Riedl, Riedl, GOP Sen, Rob Portman, Sharon Parrott, Ronald Reagan, Reagan, William Hoagland, Peter G, Peterson, –, Jon Greenbaum, ’ that’s, Harry Sandick Organizations: CNN, Elon, Department of Government, Trump, Republican, White House, SpaceX, Department of Education, of Defense, Veterans Affairs and Homeland Security, Education Department, Labor Department, FBI, Nuclear Regulatory Commission, Heritage Foundation, US, of Economic, American, Security, Social Security, Manhattan Institute, GOP, ‘ Department, Government, White, White House & Congress, Congressional Republicans, Children’s Health Insurance, Affordable, Budget, Republicans, Grace, Center, Elon Musk, Federal Advisory Committee, Democratic Locations: Rob Portman of Ohio

☆ Elon Musk's 'gamification' of government spending taps into our natural competitive instinct
▼ + stars: | 2024-11-14 | by ( ) www.businessinsider.com time to read: +9 min

AdvertisementIt was perhaps inevitable that Elon Musk — a tech titan and a prolific gamer — would try to turn government spending into a game. It's a natural move for Musk, who came up in the tech world in the early 2000s, as "gamification" took hold. "That's that kind of logic that you end up having if you're not really cautious about how it's designed." AdvertisementFor the government, that might hinge on what counts as waste and whether Musk's leaderboard can get people to agree. Otherwise, Hon said gamification might have short-term benefits but backfire in the long term as important, less-tangible factors are crowded out by overemphasizing one metric.

Persons: Elon Musk, —, Elon, Musk, Jane McGonigal, McGonigal, Adrian Hon, You've, Richard Landers, it's, you've, Landers, Natalia Mehlman Petrzela, " Landers, Jill, It's, Petrzela, Musk's, gamification, he's Organizations: Service, Government Efficiency, University of Minnesota, SXSW, Netflix, Nike, New School Locations: gamification

☆ Elon Musk is hiring for DOGE. Here's what he's looking for.
▼ + stars: | 2024-11-14 | by ( Grace Eliza Goodwin | ) www.businessinsider.com time to read: +4 min

AdvertisementElon Musk wants you to help root out government waste — but only if you're really smart and willing to work 80 hours a week. Musk, who's standing up the Department of Government Efficiency — or DOGE, named after a cryptocurrency he's linked to — is looking for the top 1% of people interested in joining. We need super high-IQ small-government revolutionaries willing to work 80+ hours per week on unglamorous cost-cutting. We need super high-IQ small-government revolutionaries willing to work 80+ hours per week on unglamorous cost-cutting. Since his early days at Tesla, Musk has pushed the company's staff to work "super hardcore" — a management style he mirrored at Twitter, now X, after taking over the platform in 2022.

Persons: it'll, Musk, —, Elon Musk, Vivek, Vivek Ramaswamy, Trump, Ramaswamy, Volodymyr Zelenskyy, Recep Tayyip Erdoğan, Vance, Brian Hughes Organizations: Elon Musk's Department, Government, Service, Department of Government, Elon, — Department, Trump, Twitter Locations: Turkish

☆ Elon Musk is looking to cut government waste. Here's what the US spends money on right now.
▼ + stars: | 2024-11-13 | by ( Ayelet Sheffey | Madison Hoff | ) www.businessinsider.com time to read: +4 min

Trump tapped Elon Musk and Vivek Ramaswamy to co-lead a "Department of Government Efficiency." The US spent $6.75 trillion in fiscal year 2024, with Social Security and health topping the list. The highest amounts of spending came from the Department of Health and Human Services, the Social Security Administration, and the Treasury Department. Over the past year, Social Security accounted for $1.46 trillion of the spending, health accounted for $912 billion, and Medicare came in at $874 billion. Social Security and Medicare are forms of mandatory spending that do not require annual congressional approval and would require legislation to change.

Persons: Trump, Elon Musk, Vivek Ramaswamy, —, Donald Trump, Musk, Ramaswamy, Karoline Leavitt, Vance Organizations: Department of Government, US, Social Security, Service, GOP, Trump, Treasury Department, Department of Health, Human Services, Social Security Administration, Social, White, Management, Budget, Education Department, IRS, FBI Locations: Trump, Government

☆ Lazard CEO Peter Orszag: Trump's election victory will be good for our business 'temporarily'
▼ + stars: | 2024-11-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLazard CEO Peter Orszag: Trump's election victory will be good for our business 'temporarily'Lazard CEO Peter Orszag joins ‘Squawk Box’ to discuss President-elect Trump’s election victory, impact on the markets and the economy, state of M&A, regulatory outlook, rooting out government waste, the Fed’s independence, and more.

Persons: Peter Orszag, Lazard, Trump’s Organizations: Lazard

☆ Lazard CEO Peter Orszag: It’s in President-elect Trump’s interest to have an independent Fed
▼ + stars: | 2024-11-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLazard CEO Peter Orszag: It’s in President-elect Trump’s interest to have an independent FedLazard CEO Peter Orszag joins ‘Squawk Box’ to discuss President-elect Trump’s election victory, impact on the markets and the economy, state of M&A, regulatory outlook, rooting out government waste, the Fed’s independence, and more.

Persons: Peter Orszag, Lazard, Trump’s Organizations: Lazard

☆ Lazard CEO Peter Orszag: It's in President-elect Trump's interest to have an independent Fed
▼ + stars: | 2024-11-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLazard CEO Peter Orszag: It's in President-elect Trump's interest to have an independent FedLazard CEO Peter Orszag joins 'Squawk Box' to discuss President-elect Trump's election victory, impact on the markets and the economy, state of M&A, regulatory outlook, rooting out government waste, the Fed's independence, and more.

Persons: Peter Orszag, Lazard, Trump's Organizations: Lazard

Leading the way was Trump Media and Technology Group (TMTG), the company that owns the Truth Social media platform. Shares of Tesla, the electric automaker owned by Elon Musk, also saw a sizable gain — up 12%. Finally, the price of bitcoin saw an increase of 6.5%, briefly touching an all-time-high of more than $75,000. Trump served as keynote speaker at this year's annual Bitcoin conference in Nashville. Trump has generally pledged to extend or enact major tax cuts while loosening regulations, something that the business community is set to embrace.

Persons: Donald Trump —, Trump, Elon Musk, Musk, Kamala Harris, Isaac Boltansky Organizations: Trump Media, Technology, Social, TMTG, Tesla, Elon, Democratic, Trump Locations: Nashville

☆ Elon Musk bet big on Trump. Here’s what he stands to gain — and lose — from his win
▼ + stars: | 2024-11-06 | by ( Chris Isidore | ) edition.cnn.com time to read: +9 min

New York CNN —No single business leader did more to support former President Donald Trump’s candidacy than Elon Musk. Musk has donated nearly $119 million so far to a political action committee he set up to support Trump, according to Federal Election Commission filings. Elon Musk steps onto stage as Republican presidential nominee, former President Donald Trump addresses a campaign rally in Butler, Pennsylvania on October 5. It will only help Tesla,” Musk posted on X in July. It’s not likely Trump would want to cut that support, and the promise of jobs in those states, even if they will eventually provide competition for Musk and Tesla.

Persons: Donald Trump’s, Elon, Trump, Musk, He’s, ”, Daniel Ives, Tesla, Kamala Harris, “, Biden, Elon Musk, Donald Trump, Anna Moneymaker, he’s, ” Musk, Ives, ” Ives, It’s, Jim Farley, Jeff Schuster, we’re, Jade Gao Organizations: New, New York CNN, Trump, Wedbush Securities, SpaceX, —, Treasury Department, Republican, EV, Tesla, EPA, Industry, Getty, Boeing, NASA, International Space Locations: New York, Tuesday’s, America, United States, Butler , Pennsylvania, Trump’s, Europe, Asia, California, China, Shanghai, Beijing, AFP, Tesla

“We have to reduce spending to live within our means,” Musk said. That gives Musk’s frankness about reductions — and his track record of making large, painful cuts at his own companies — added weight. The Trump campaign didn’t immediately comment but has previously said that the GOP agenda wouldn’t cause short-term economic hardship. There’s some skepticism on Wall Street that a new Trump administration could implement spending cuts on the scale Musk has proposed. “They’re both indicating they intend to maintain substantial deficits and elevated government spending, certainly compared with the strength of the economy,” Elliott said.

Persons: Donald Trump’s, Elon Musk, ” Musk, Trump, Musk, “, ”, didn’t, Kamala’s, Geoff Orazem, Bob Elliott, ” Elliott, Steve Sosnick Organizations: Republican, GOP, SpaceX, Trump, Social Security, Trump’s, CNBC, FedScout, Funds, Interactive Locations: U.S, Trump, “

Former President Donald Trump said he doesn’t believe he would run for office again in four years if he loses the November election. “I think that hopefully we’re going to be successful,” Trump added in the interview, which aired Sunday. The Trump campaign did not immediately respond to a request for comment. And she will be, she will be terrific.”Trump noted that Musk endorsed him “very powerfully” and agreed that the tech billionaire could help with “government waste” when Attkisson suggested the possibility. But he’s indicating he might be willing to,” Trump said.

Persons: Donald Trump, doesn’t, “, ” Trump, Sharyl Attkisson, Trump, Tulsi Gabbard, Elon Musk, Robert F, Kennedy Jr, Kennedy, “ It’s, Gabbard, I’ve, ”, Musk, Attkisson, He’s, Shawn Ryan Organizations: Human Services, Democratic Locations: Hawaii

☆ Trump called inflation a disaster for consumers — and Musk blamed it on government waste
▼ + stars: | 2024-08-13 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +1 min

Donald Trump and Elon Musk called out the pain caused by high levels of inflation in recent years. Trump bemoaned that people can't afford groceries and savers have been "decimated" by rising prices. Musk blamed inflation on government overspending and pushed for deregulation to bring down costs. Go to newsletter preferences Thanks for signing up! AdvertisementDonald Trump and Elon Musk lamented the brutal impact of rising prices in their X Spaces conversation on Monday.

Persons: Donald Trump, Elon Musk, Trump, — Organizations: Service, Elon, Business

PGA Tour logo during the third round of the Travelers Championship on June 24, 2017, at TPC River Highlands in Cromwell, Connecticut. Key lawmakers on Wednesday invited the officials behind the proposed deal between the PGA Tour and Saudi-backed rival LIV Golf to testify at a Senate subcommittee hearing. Blumenthal, D-Conn., and Johnson, R-Wisc., requested testimony from the tour's commissioner, Jay Monahan, LIV Golf CEO Greg Norman and Yasir al-Rumayyan of the Saudi Arabia Public Investment Fund. "Fans, the players, and concerned citizens have many questions about the planned agreement between the PGA Tour and LIV Golf," Johnson said in a release. Blumenthal has expressed a particular interest in whether the PGA Tour deserves to keep its tax exempt nonprofit status as a business association that benefits its members.

Persons: LIV Golf, Sen, Richard Blumenthal, Ron Johnson, Blumenthal, Conn, Johnson, Jay Monahan, LIV, Greg Norman, Yasir al, Monahan, PIF didn't, Norman Organizations: Wednesday, PGA Tour, Senate Homeland Security, Saudi Arabia Public Investment Fund, LIV Golf, PGA, CBS Locations: Cromwell , Connecticut, Saudi, United States

☆ The federal government wastes at least $247 billion in taxpayer money each year. Here's how
▼ + stars: | 2023-04-18 | by ( Juhohn Lee | ) www.cnbc.com time to read: +2 min

Improper payments, which refer to payments that are made incorrectly by the government, cost the U.S. $247 billion in 2022, according to the Government Accountability Office. "In the federal government, everything is 'Go spend more money' and if that doesn't work, it's 'Go spend more money.'" It's the job of the GAO to audit and report any wasteful spending by the federal government. Nevertheless, wasteful spending by the government can have painful consequences to the health of the economy, according to watchdog groups. Watch the video to find out more about why taxes feel so high in the U.S. and why so much taxpayer money gets wasted.

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow tax money is wasted in the U.S. The U.S. government wasted almost $2.4 trillion on just payment errors over the last two decades, according to the Government Accountability Office. Oversight reports from nonprofits and lawmakers like Rand Paul, R-Ky., claim that billions more are being wasted every year on duplicative and needless programs. So just how much of our taxpayer dollar is wasted every year and what can be done about it?

☆ Sen. Rick Scott loves hating on New York and its governor, Andrew Cuomo. But new docs show the Florida Republican investing big time in Big Apple bonds.
▼ + stars: | 2020-10-14 | by ( Dave Levinthal | ) www.businessinsider.com time to read: +5 min

Florida GOP Sen. Rick Scott is a frequent critic of New York Gov. Earlier this year they also disclosed between $1.1 million and $2.25 million worth of New York City Municipal Water Finance Authority bonds. "Cuomo has consistently misused taxpayer dollars and refused to ever cut government waste," Scott in June wrote in a New York Post op-ed. Earlier this year, the Scotts disclosed between $1.1 million and $2.25 million worth of New York City Municipal Water Finance Authority bonds. "Senator and Mrs. Scott have purchased hundreds of municipal bonds over the years from all over the country.

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