Ramasamy and Musk Tackle Federal Spending With DOGE

Ramasamy and Musk enlightened the community by addressing an existing issue. Recently, Ramaswamy tweeted on X that most federal workers don’t physically show up, but the cost of maintaining & providing energy for government office buildings (7,967 buildings) is $15B annually. Elon Musk also expressed his outrage by stating that the American’s tax dollars are paying to air-condition and heat thousands of empty government buildings. Presidential-elect Donald Trump appointed Vivek Ramaswamy and Elon Musk to head the Department of Government Efficiency(DOGE). The aim of this agency is to reduce federal expenditures and save the citizen’s tax dollars.     

During the campaign, Trump made a lot of tax-cut proposals, and if these proposals want to pass through the two houses, he needs a way to reduce federal expenditure. This became one of the main reasons for the establishment of DOGE.  

While Ramasamy and Musk are fighting to reduce the expenditure, FTX, the defunct crypto exchange, announced that it would repay its creditors. According to the bankruptcy plan, which was approved by the court, FTX would repay its customers with $16.5 billion in funds, which it has collected over the past two years. Each customer would receive 119% of what they had stored in their wallet at the time of bankruptcy.  

As per the plan, within 60 days of the effective date, about 98% of the customers who had $50,000 or less in their accounts will have their funds repaid. However, FTX is yet to make an announcement on the repayment date.   

FTX, once a top crypto exchange, collapsed in November 2022 after news about its founder and CEO, Sam Bankman-Fried, misappropriating customer funds came out. Bankman-Fried is currently serving a 25-year sentence.

With the potential tax cuts and FTX repayment, most Americans could find themselves with extra disposable income. The increase in finances could encourage individuals to explore new investment opportunities like crypto. The successful resolution of high-level cases like FTX and increased confidence in crypto, along with regularity clarity, increases the chances of them investing in crypto.