DOGE could increase economic freedom in US

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DOGE could increase economic freedom in US

crypto :: 2024-11-17 :: source - cointelegraph

By Ezra Reguerra

Coinbase CEO Brian Armstrong has voiced support for the newly created United States Department of Government Efficiency (DOGE), a federal agency focused on reducing spending and cutting regulations. The department will be led by Tesla CEO Elon Musk and entrepreneur Vivek Ramaswamy.

On Aug. 20, US President-elect Donald Trump floated the idea of bringing Musk into his cabinet or giving the billionaire an advisory role starting in January 2025. At the time, Trump did not specify which department he planned to put the Tesla CEO in.

On Nov. 13, Trump formally announced Musk and Ramaswamy would head the new agency, which aims to streamline federal operations by eliminating waste, slashing regulations and restructuring government agencies.

Meanwhile, Armstrong thinks the new government agency is an opportunity for the country to increase its economic freedom.

Coinbase CEO thinks “DOGE” can increase economic freedom

On Nov. 17, the Coinbase executive posted on X calling DOGE an opportunity to “increase economic freedom” and restore efficiency in government. He also suggested constitutional amendments to limit government spending, proposing a cap of 10% of gross domestic product. 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).”

The Coinbase CEO suggested that to future proof this issue, the country may need to amend its constitution to limit the total government expenditure, floating 10% as a suggested figure. He said that the government needs to have the right incentives for spending so that it does not “get totally out of control” in the long term.

Armstrong also floated the idea of having a sovereign wealth fund in the US, where every one of its citizens would have a share. With this, budget surpluses would provide dividends to the shareholders. “Every citizen then has skin in the game. Maybe Congress gets a slightly larger stake,” Armstrong added.

Dogecoin’s price surge after presidential elections

While the government department has a similar acronym to the Dogecoin DOGE $0.3632 ticker, it has no connection with the memecoin.

Despite this, the memecoin experienced a price surge following the announcement. A day after Musk posted about the government agency, DOGE reached a yearly high of $0.39 before a slight correction.