Custodia Bank CEO Caitlin Long shares her suggestions to Department of Govt Efficiency (DOGE) as Elon Musk proposes to chop a minimum of $2 trillion from the U.S. federal price range. Musk joined Republican presidential candidate Donald Trump and roughly two dozen different audio system throughout the rally on the Madison Square Garden in New York City.
Custodia CEO Calls for DOGE and Elon Musk to Move Fast
Caitlin Long, CEO of Custodia Bank, took to X on October 28 after Elon Musk predicted saving a minimum of $2 trillion from $6.5 trillion wasted by the Biden-Harris administration. During the Trump rally at MSG, Musk stated “Your money is being wasted. We’re going to get the government off your back and out of your pocket book.”
Trump has stated he would ask Musk to move up an effort to chop authorities spending, named the Department of Government Efficiency (DOGE), a reference to a cryptocurrency Musk has embraced.
Long recommends DOGE founding members Howard Lutnick and Musk to additionally regulate federal staff and rules terrorizing companies like Custodia. She stated “The regulatory abuse has been staggering,” She added that the Department of Government Efficiency wants to maneuver quick because the Democrats will push for the US Senate majority in 2026.
“If the DOGE team really plans to do something big so it has a chance of being durable & not reversed by the next president, it’d need to be fast.”
Long warned that Musk’s DOGE will face one drawback after slashing federal spending is financial despair because the US authorities spending is 23% of the US GDP. She thinks the federal government inaccurately views rising spending to GDP. “It’s the wrong measure & they’ll need to explain why,” Custodia Bank CEO added.
She suggests two issues:
- cease give attention to GDP that ignores the quantity of B2B or provide chain spending,
- begin measuring financial efficiency as a substitute by “gross output,” which incorporates B2B spending.
“Therein lies the oppty for Dept of Govt Efficiency: stop measuring the economy by GDP growth. Cutting govt spending will by def’n cut GDP–but MORE IMPORTANTLY as capital & jobs are redeployed to the private sector, B2B activity will grow & that’s where the *real* growth is!,” stated Caitlin Long.
DOGE Price Gains Over 4%
DOGE price surged greater than 4% up to now 24 hours, with the worth at the moment buying and selling at $0.143. The 24-hour high and low are $0.136 and $0.145, respectively. Furthermore, the buying and selling quantity has shot up by 90% within the final 24 hours, indicating a large curiosity amongst merchants.
The worth rallied 40% this month amid Musk’s DOGE developments and posts. The crypto neighborhood eyes DOGE rally to $1 after Donald Trump’s win.
— Elon Musk (@elonmusk) October 28, 2024
Varinder Singh
Varinder has 10 years of expertise within the Fintech sector, with over 5 years devoted to blockchain, crypto, and Web3 developments. Being a expertise fanatic and analytical thinker, he has shared his data of disruptive applied sciences in over 5000+ information, articles, and papers. With CoinGape Media, Varinder believes within the enormous potential of those revolutionary future applied sciences. He is at the moment masking all the newest updates and developments within the crypto trade.
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