Donald Trump’s initiative for the U.S. Department of Government Efficiency (DOGE) aims to significantly reduce federal government spending and eliminate unnecessary regulations, now gaining support from Coinbase CEO Brian Armstrong.
In a recent statement, Armstrong emphasized that the formation of the Department of Government Efficiency represents a unique opportunity to enhance economic freedom across the United States while streamlining government functions.
Armstrong proposes that federal spending could be reduced by as much as 10% of the gross domestic product (GDP), highlighting that government expenditures have more than doubled in recent years. He advocates for a constitutional amendment to facilitate these changes.
He argues that an unbalanced federal budget undermines the accountability of Congress members, suggesting that new incentives are required to ensure responsible long-term budgeting.
Additionally, Armstrong introduced the concept of a U.S. sovereign wealth fund that would allow citizens to contribute, granting them a share of the fund. The surpluses generated could be distributed as dividends.
Trump’s Vision for DOGE
On November 13, President-elect Donald Trump unveiled Elon Musk as the head of the newly established Department of Government Efficiency (DOGE).
This innovative agency, inspired by Dogecoin, will include American entrepreneur and Republican Vivek Ramaswamy as a key member. Together, Musk and Ramaswamy are tasked with eliminating wasteful spending, restructuring federal agencies, and rolling back excessive regulations. Trump believes this initiative could initiate a transformative overhaul, akin to “The Manhattan Project” of today.
Following Trump’s election victory and the announcement of the new agency, Dogecoin has experienced a remarkable surge of 163% over the past month, increasing its value from $0.13 to $0.36, with ambitious projections suggesting it may reach $1 in the near future.
