United States' $35 trillion crisis: Why Elon Musk and Vivek Ramaswamy's 'DOGE' is America's last chance

By Vinaykumar Patil | First Published Nov 13, 2024, 9:08 AM IST

The U.S. faces a $35 trillion debt crisis, prompting Elon Musk and Vivek Ramaswamy to lead the "DOGE" plan to overhaul government spending. With a deadline of July 4th, 2026, their goal is to reduce waste and create a more efficient government to avoid financial collapse.

The United States is confronting a severe fiscal crisis, with its national debt surpassing $35 trillion. To address this, billionaire Elon Musk and entrepreneur Vivek Ramaswamy are leading an ambitious plan called 'DOGE,' aiming to overhaul the government’s spending and reduce waste. Their goal is to prevent America from facing a financial collapse.

Musk, the world’s richest person, has seen his wealth surge to $319 billion, a rise that has coincided with his growing influence in Washington. During the election campaign, President-elect Donald Trump offered Musk a position as head of a proposed ‘Department of Government Efficiency,’ which would allow Musk to retain control of his companies, including Tesla, SpaceX, and X (formerly Twitter). With Trump’s victory, Musk's potential role in shaping U.S. policy has come under closer scrutiny.

'Threat to bureaucracy': Elon Musk, Vivek Ramaswamy's 1st reaction after Trump picks them to lead DOGE

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Musk’s role in politics became clearer during a 25-minute call between President Trump and Ukrainian President Volodymyr Zelenskyy, in which Musk reassured Zelenskyy about continued support from Starlink, the satellite service crucial for Ukraine's military communications. Musk has also expressed his desire to cut $2 trillion from the U.S. budget and eliminate regulations he views as hindering innovation. Instead of directly managing government operations, he plans to appoint trusted experts to key positions across federal agencies.

Musk’s inner circle is already being considered for government roles. This includes Steve Davis, known for overseeing major layoffs at X, and SpaceX executives like General Terrence J. O'Shaughnessy for potential positions in the Defense Department. Musk’s influence is also felt through his social media platform, X, which helped spread pro-Trump messages during the election.

Donald Trump asks Elon Musk, his son to join family photo; Internet says 'wholesome moment' (WATCH)

With the U.S. national debt now at $35.46 trillion and interest payments exceeding $1 trillion annually, the urgency of the situation is undeniable. Interest rates have risen to 3.32%, and the debt-to-GDP ratio stands at a critical 124%. The Musk-Ramaswamy plan aims to reform the $6.5 trillion U.S. annual budget, targeting key spending areas like health services, social security, and Treasury payments, while eliminating waste across government agencies.

The team behind the DOGE plan will have just 18 months to tackle key areas of federal spending, starting with an audit of $1.72 trillion in Health and Human Services expenditure, a review of $1.52 trillion in Social Security payments, and streamlining $1.32 trillion in Treasury disbursements.

🚨🇺🇸 THE $35 TRILLION CRISIS: WHY ELON AND VIVEK'S "DOGE" IS AMERICA'S LAST CHANCE

Trump has given Elon and Vivek until July 4th, 2026 - America's 250th birthday - to radically transform how our government spends its $6.5 trillion annual budget.

The timing isn't random - it's… https://t.co/tUwBrOJOf7 pic.twitter.com/Wa1e17q6je

— Mario Nawfal (@MarioNawfal)

The deadline for reform is July 4th, 2026, coinciding with America’s 250th birthday. If successful, the DOGE plan could lead to a smaller, more efficient government. However, failure could result in continued economic turmoil. As the U.S. faces its greatest fiscal challenge, the success of Musk and Ramaswamy's efforts could determine the country's financial future.