Trump’s plan for the Department of Government Efficiency (DOGE) would reduce federal government spending and cut unnecessary regulations. This idea now has the support of Coinbase CEO Brian Armstrong.
The idea of creating a new Department of Government Efficiency (DOGE) is the opportunity of a lifetime, according to Coinbase CEO Brian Armstrong. He noted in a Nov. 17 X post that the agency could increase America’s economic freedom and shrink the size of government back to health.
Armstrong pointed out that government spending could only amount to 10% of gross domestic product (GDP). The U.S. government has more than doubled its federal spending over the past few years. Therefore, he suggests that the Constitution should be amended.
He notes that because of the unbalanced federal budget, lawmakers who voted for it do not have the right to run in future elections. Therefore, the government must provide appropriate incentives to control the budget over the long term.
Armstrong also explored the idea of a U.S. sovereign wealth fund where every citizen could contribute to and have a stake in the fund. The fund’s budget surplus can be used for dividends.
Donald Trump’s DOGE Vision
Earlier last week, on November 13, US President-elect Donald Trump officially announced Elon Musk as the leader of the newly created Department of Government Effectiveness (DOGE).
This new agency is inspired by Dogecoin and Musk will be accompanied by Vivek Ramaswamy, an American entrepreneur and Republican.
Musk and Ramaswamy were expected to cut wasteful spending, restructure federal agencies and cut unnecessary regulations. Trump noted that the agency would bring shock waves to the system but would potentially become the “Manhattan Project” of our time.
Since Trump won the election and announced the new entity, Dogecoin has seen a significant increase of 163% and a price increase of $0.13 to $0.36 over the past month. Dogecoin was already expected to reach $1 in the future.