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Highlights
- Elon Musk recently hinted that Department of Government Efficiency (D.O.G.E.) could help in ending the US inflationary pressure.
- The Tesla CEO also shared key reasons behind the US inflation.
- The newly formed department aims to cut the Federal IT spending towards outdated systems.
Tech billionaire Elon Musk has recently hinted that the Department of Government Efficiency (D.O.G.E.) could end the US inflation. In a recent social media post, Musk has shared the potential reasons causing the inflation and key steps that could end the soaring prices. Notably, this comes as the Tesla CEO has increased his focus on cutting federal spending through the newly formed department by Donald Trump.
Can Elon Musk’s D.O.G.E. End US Inflation?
The US inflation has so far weighed on the investors’ sentiment on a global scale lately. However, even though the inflation stays at the top of the US Federal Reserve’s 2% target range, the central bank has trimmed its policy rates two times this year, boosting investors’ confidence. Despite that, the market is still awaiting further insights, with the US Consumer Price Index (CPI) inflation data scheduled to be released later today.
Amid this, Elon Musk has shared key steps that could end the US inflationary pressure in a recent X post. Besides, his social media post also hints that the goal could be achieved through the newly formed D.O.G.E. Notably, Donald Trump has recently formed the department and appointed Musk and Vivek Ramaswamy to lead it.
Meanwhile, the Tesla CEO said that “government overspending” is the primary reason behind the inflationary pressures in the nation. Besides, he also said that if the “government waste is stopped, there will be no inflation”, fueling market speculations.
Notably, the Department of Government Efficiency was primarily formed to reduce US Federal spending and to boost the efficacy. Having said that, it appears that the department is now shifting its focus towards ending the US inflation by cutting the government “overspending.”
Musk’s Plan To Cut The Federal Government Spending
This recent comment comes after Elon Musk recently said that D.O.G.E. aims to cut the Federal Government’s IT spending on outdated systems. Besides, he has also recently expressed his concerns about the US federal government’s outdated computer systems and software. He stated that these systems are in such bad shape that they often can’t verify whether payments are fraudulent or not, leading to a failure in passing basic audits.
Simultaneously, Musk also mentioned that the government doesn’t know where tax dollars are being spent, which he finds insane. He even offered to take on the role of Volunteer IT Consultant in the new administration to fix the IT infrastructure and make the government more efficient.
Meanwhile, these comments have caught the eyes of investors, especially after Donald Trump’s election win has sparked optimism among market enthusiasts. Besides, Musk’s backing for Donald Trump in the recent election has also not gone unnoticed by the traders.
On the other hand, these recent comments from the Tesla CEO have also sparked a rally in Dogecoin prices. For context, the department’s short form resembles the Dogecoin ticker, and given Musk’s previous backing for the top dog-themed meme coin, the market interest remains high. Besides, he also recently called himself “Doge Father” along with other cryptic posts regarding DOGE, which has caught the eyes of the investors.
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