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Trump’s plan for the U.S. Department of Government Efficiency (DOGE) is to reduce federal government spending and cut some unnecessary regulations. This idea is now being supported by Coinbase CEO Brian Armstrong.
According to Brian Armstrong, CEO of Coinbase, the idea of creating a new Department of Government Efficiency (DOGE) is a lifetime opportunity. He mentioned on X post Nov. 17, that the agency could increase economic freedom in the U.S. and cut the size of government back to health.
Armstrong noted that government spending could be scrapped by only 10% of the gross domestic product (GDP). While the U.S. government used federal spending more than doubled in the past few years. Therefore, he suggests that the constitution needs to be amended.
. @DOGE is a once in a lifetime opportunity to increase economic freedom in the U.S. and cut the size of government back to health.
— Brian Armstrong (@brian_armstrong) November 17, 2024
The founding fathers were geniuses but (with humility) may have missed the adverse incentives which grow the size of democratic government over…
He mentions that the unbalanced federal budget makes the congress members who vote for it have no right to the next term election. For that reason, the government needs to have the right incentives to control the budget in the long term.
Armstrong also explored the idea of a U.S. sovereign wealth fund, where every citizen could contribute to the funding and they would have a share. The budget surplus from the fund could be used as a dividend.
Donald Trump’s Vision of DOGE
Earlier last week, on Nov. 13, U.S. President-elect Donald Trump officially announced Elon Musk as the leader of a newly created agency, the Department of Government Efficiency (DOGE).
This brand-new agency was inspired by Dogecoin and Musk will be accompanied by American entrepreneur and Republican Vivek Ramaswamy.
Musk and Ramaswamy were expected to cut wasteful expenditures, restructure federal agencies, and cut unnecessary regulations. Trump mentioned that this agency would bring a shockwave to the system, but potentially would become “The Manhattan Project” of our time.
Since Trump won the election and announced the new agency, Dogecoin has seen a significant increase of 163% in the past month and a rise in the price from $0.13 to $0.36. The Dogecoin has already been projected to hit $1 in the future.