Coinbase CEO Brian Armstrong recently expressed his support for President-elect Donald Trump’s plan to establish a new Department of Government Efficiency (DOGE). Armstrong believes that this initiative could significantly enhance economic freedom in the United States and help to streamline the government.
According to Armstrong, the current level of government spending is unsustainable, with federal spending having more than doubled in recent years. He suggests that by reducing government spending to just 10% of the gross domestic product (GDP), the size of the government could be brought back to a more manageable level.
In order to ensure that congress members are held accountable for their budget decisions, Armstrong proposes that those who vote in favor of an unbalanced federal budget should not be eligible for re-election. This, he believes, would create the right incentives for long-term budget control.
Additionally, Armstrong discussed the concept of a U.S. sovereign wealth fund, where citizens could contribute to a fund that would generate a budget surplus. This surplus could then be distributed as a dividend to the people.
The Department of Government Efficiency (DOGE) was officially announced by President-elect Donald Trump last week, with Elon Musk appointed as its leader. Inspired by Dogecoin, this new agency aims to cut wasteful expenditures, restructure federal agencies, and eliminate unnecessary regulations. Trump has described DOGE as potentially being “The Manhattan Project” of our time.
Since the announcement of DOGE, Dogecoin has experienced a significant surge in value, with a 163% increase in the past month alone. The price of Dogecoin has risen from $0.13 to $0.36, with projections indicating that it could reach $1 in the future.
Overall, the establishment of the Department of Government Efficiency and the support it has garnered from leaders like Brian Armstrong signal a potential shift towards greater economic liberty and efficiency in the U.S. government. It remains to be seen how this initiative will unfold and what impact it will have on the country’s economic landscape.