YEREVAN (CoinChapter.com) — On Nov. 13, President-elect Donald Trump unveiled a new federal initiative, the Department of Government Efficiency (DOGE). Billionaire entrepreneur Elon Musk and businessman Vivek Ramaswamy were appointed to oversee the department, which focuses on restructuring government agencies, reducing federal spending, and eliminating unnecessary regulations.
The announcement followed Trump’s earlier suggestion on Aug. 20 to bring Musk into his administration. At that time, Trump had not specified Musk’s role. Now, Musk’s involvement in DOGE adds a high-profile figure to the effort to improve government efficiency.
Coinbase CEO Ties the Department of Government Efficiency DOGE to Economic Freedom
Coinbase CEO Brian Armstrong shared his perspective on the potential impact of the new department. On Nov. 17, he posted on X that DOGE represents a chance to increase economic freedom in the United States. Armstrong wrote:
“The founding fathers were geniuses but (with humility) may have missed the adverse incentives which grow the size of democratic government over time (winning elections by promising more free stuff).”
Armstrong proposed limiting government spending to 10% of GDP to address long-term fiscal challenges. He also emphasized the need for systems that encourage efficient spending and prevent financial mismanagement in the future.
Sovereign Wealth Fund Proposal Sparks Interest
Armstrong also proposed creating a sovereign wealth fund for the United States. This fund would allow every citizen to own a share, with budget surpluses distributed as dividends. He explained that such a system could align citizens’ financial interests with the government’s performance, fostering greater accountability.
Armstrong suggested giving Congress a slightly larger stake in the fund to incentivize fiscal responsibility. This proposal aligns with his call for reforms to the country’s spending framework.
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