Custodia Bank CEO Caitlin Long shares her recommendations to Department of Govt Efficiency (DOGE) as Elon Musk proposes to cut at least $2 trillion from the U.S. federal budget. Musk joined Republican presidential candidate Donald Trump and roughly two dozen other speakers during the rally at the Madison Square Garden in New York City.
Custodia CEO Calls for DOGE and Elon Musk to Move Fast
Caitlin Long, CEO of Custodia Bank, took to X on October 28 after Elon Musk predicted saving at least $2 trillion from $6.5 trillion wasted by the Biden-Harris administration. During the Trump rally at MSG, Musk said “Your money is being wasted. We’re going to get the government off your back and out of your pocket book.”
Trump has said he would ask Musk to head up an effort to cut government spending, named the Department of Government Efficiency (DOGE), a reference to a cryptocurrency Musk has embraced.
Long recommends DOGE founding members Howard Lutnick and Musk to also keep an eye on federal employees and regulations terrorizing businesses like Custodia. She said “The regulatory abuse has been staggering,” She added that the Department of Government Efficiency needs to move fast as the Democrats will push for the US Senate majority in 2026.
“If the DOGE team really plans to do something big so it has a chance of being durable & not reversed by the next president, it’d need to be fast.”
Long warned that Musk’s DOGE will face one problem after slashing federal spending is economic depression as the US government spending is 23% of the US GDP. She thinks the government inaccurately views growing spending to GDP. “It’s the wrong measure & they’ll need to explain why,” Custodia Bank CEO added.
She suggests two things:
- stop focus on GDP that ignores the amount of B2B or supply chain spending,
- start measuring economic performance instead by “gross output,” which includes B2B spending.
“Therein lies the oppty for Dept of Govt Efficiency: stop measuring the economy by GDP growth. Cutting govt spending will by def’n cut GDP–but MORE IMPORTANTLY as capital & jobs are redeployed to the private sector, B2B activity will grow & that’s where the *real* growth is!,” said Caitlin Long.
DOGE Price Gains Over 4%
DOGE price surged more than 4% in the past 24 hours, with the price currently trading at $0.143. The 24-hour low and high are $0.136 and $0.145, respectively. Furthermore, the trading volume has shot up by 90% in the last 24 hours, indicating a massive interest among traders.
The price rallied 40% this month amid Musk’s DOGE developments and posts. The crypto community eyes DOGE rally to $1 after Donald Trump’s win.
— Elon Musk (@elonmusk) October 28, 2024
Varinder Singh
Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Leave a Reply