Elon Musk appears to have placed the Federal Reserve in the crosshairs of the Department of Government Efficiency (DOGE).
In a posting on X this morning, Musk responded to a tweet regarding Fed Chairman Jerome Powell’s leadership by commenting, “The Fed is absurdly overstaffed.”
Musk, along with tech entrepreneur Vivek Ramaswamy, has been tasked with running the DOGE initiative by President-elect Trump, with the goal reducing the size of the federal government. The Washington, D.C.-based Federal Reserve Board and the 12 regional Federal Reserve Banks employ roughly 24,000 people.
Musk’s comment went live on X at 1:34 a.m. EST – neither Powell nor any Federal Reserve spokesperson has publicly commented on his remarks.
Trump did not immediately comment on the Musk tweet, although he’s been critical of Powell since appointing him in 2018 and has stated he would not renew his term when it expires in 2026. Trump recently offered a facetious consideration of Powell’s performance by stating, “You show up to the office once a month and you say, ‘Let’s see: flip a coin.’ And everybody talks about you like you’re a god.”
Have you seen what they spend our hardworking tax money on? It’s a crime.
The federal government has been criticized for numerous instances of wasteful spending across various sectors. Here are some notable areas where taxpayer money has been considered wasted:
– Improper Payments: The government has reported significant amounts in improper payments, with estimates reaching $236 billion in a single year. These are payments made in error to individuals, organizations, or contractors.
– Defense and Military Spending: There have been specific examples where defense spending was seen as inefficient or unnecessary. For instance, spending on camouflage uniforms for the Afghan National Army that were not suited to the country’s predominantly desert terrain.
– Research and Grants: Some research funded by federal agencies has been criticized for being bizarre or of questionable utility, like studies on the social habits of animals or exotic projects abroad.
– Fraud and Mismanagement: An estimated $521 billion annually is lost to fraud, highlighting significant issues in oversight and management of federal funds.
– Excessive Vehicle Purchases: The federal government has been noted for purchasing vehicles it does not necessarily need, adding to the fleet without clear justification for use.
– Technology and IT: There’s criticism regarding the maintenance of outdated technology and the high cost of IT projects, including spending on cybersecurity which doesn’t always yield proportional benefits.
– Pork Barrel Spending: Earmarks for projects that benefit specific districts or interests often lead to questionable allocations, like funding for luxury hotels or unnecessary public arts projects.
– Foreign Aid and Grants: Money spent on international projects or aid sometimes raises questions about relevance or efficiency, such as tourism promotion in countries like Egypt or Tunisia.
Says the guy that destroyed Twitter
Excessive cost to protect Trump by the Secret Service. Trump charges exorbitant cost to house his secret service agents on his property. They should be able to stay for free because they are protecting him. Also Trump using the secret service to protect his extended family members. Secret service should only be protecting Trump and his immediate family, not his extended family. They can pay for their own security.
Exactly!!!!
Every past president is provided secret service protection. In addition, major party candidates are provided this protection as well.
I’m not sure if you saw the news earlier this year that there were two attempts on Donald Trump’s life, which seems to justify such protection.
Musk is deranged. The Fed is the top and most sophisticated central bank in the world.
Powell has done an extraordinary job at the Fed. He single-handedly defeated inflation that started in 2019, and he achieved that without bringing a recession.
Politicians think that Americans are gullible and stupid.
They are in for a rude awakening.
TDS causes liberals to make these types of comments.
A ridiculous example, considering the incredible amount of government waste for literally decades.
Trish – I completely, totally agree with you! Been watching for years the amount of spending govt. is doing unnecessarily! Criminal if you ask me!
OLIGARCH Elon Musk is no different than the Russian OLIGARCHS who try to control government without having been elected by the PEOPLE!!!
BTW… without fiscal stimulus and adroit FED monetary management we would be in an endless economic depression…
Capisce?
Who actually cares what Musk has to say??
I care. Musk and Ramaswamy are likely the two smartest people that could have been chosen for DOGE and they can’t be bought. They don’t need to impress or kowtow to anyone.
Where is your critical thinking? Do you think these 2 men care about the average American? They only care about their benefits under a GOP administration!
Musk is an UNELECTED oligarch!
His only agenda is lining up his pockets at the American People’s expense…
The Fed is self-funding.
Elon Musk’s opinion should be taken with a grain of salt. He says one thing but means another. The marketing of Tesla is a great example. Elon promotes Tesla as a car that can drive itself. When confronted with technical issues and glitches, his company backtracks and says that self driving should only be used in certain conditions and the driver should be alert at all times. And Elon stays quiet because he knows the liability of marketing something that isn’t true.
100%. Time to deflate drop all pricing.
The main goal here is to cut the ridiculous wasteful spending that our government seems to do with our hard earned tax dollars. Let’s get it done one way or another!!
Carol, you are 100% right. The waste and theft of any taxpayer money is disgusting and needs to resolved immediately.
Facisim is the deep state (corporate, rogue govt & military/intel players+leaders) that runs USA. The long time well planned agenda to destroy America all in incremental steps so you don’t notice (until it’s too late). The goal is a one world government pushed by UN, WEF, CFR, WHO, to name a few. Anyone who fell for the covid hysteria and ran out to voluntarily get the “vaccine” and still believe in this “virus” fell for this large scale psyop. You were punked!! Now it’s coming out it was a fear campaign (depopulation agenda) fueled by media so the public would get the jab that destroys their immune system so they are chronically ill, dying of cancers, suddenly dying and/or infertile. The facists win YOU lose! Time you hone your critical thinking skills & use discernment & God given common sense. Start by turning off the TV!