Hayes doubts Musk’s expense-cutting mandate but stays bullish on Dogecoin

Elon Musk's DOGE: Can He Trim the US Budget?

According to crypto expert Arthur Hayes, Elon Musk's efforts to cut government spending as head of the Department of Government Efficiency (DOGE) may face challenges. In a tweet, Hayes argues that without congressional support, Musk's mandate will be difficult to fulfill.

Hayes further expressed his belief in Dogecoin ($DOGE), a meme coin popularized by Musk. Despite his concerns about Musk's ability to reduce the US budget, he stated that it would not affect his holdings in DOGE.

Responses to Hayes' post varied. Dan Held suggested that Musk is persistent, while Tryg expressed optimism that Musk's involvement could highlight government waste. Z-Slickola emphasized the importance of GOP support in implementing DOGE's functions.

Hayes's views resonated with many others. Frankie J. questioned where Musk and his team would find funds to cut and criticized Musk's lack of economic expertise.

DOGE's Potential to Save $2 Trillion

Government spending was a key issue in the recent US elections, with President-Elect Trump advocating for a leaner and more efficient government. Musk endorsed this idea, claiming that America could save $2 trillion by eliminating unnecessary expenses. Vivek Ramaswamy, Trump's pick to co-head DOGE with Musk, proposed austerity measures to slash trillions from the budget.

Musk's companies, particularly SpaceX, have benefited significantly from government contracts. It remains to be seen how the budgetary cuts he and Ramaswamy have pledged to implement will impact his own enterprises.