Elon Musk is praising his new revolutionary role in the incoming Trump Administration. It will eliminate trillions of dollars in “waste and fraud” within the federal government.
But what exactly could we expect from the new Department of Government Efficiency? For starters, the U.S. government is $35 million in debt. Musk plans to drastically reduce that by cutting wasteful spending on useless programs such as transgender initiatives and woke DEI programs that do nothing but promote racism and divide among Americans.
For the department’s first order of business, Musk would eliminate spending American tax dollars on funding LGBTQ programs in foreign countries.
Currently, under the Biden-Harris Administration, the State Department and The United States Agency for International Development (USAID) have spent millions funding transgender activism such as trans surgeries and “gender-affirming care.” For example, the Biden-Harris Administration gave U.S. dollars for the production of a play, North Macedonia, which portrayed God as someone who is bisexual and has sexual interactions with hermaphroditic angels.
Musk’s department would also do away with DEI initiatives at the Veteran’s Affairs (VA).
The Biden-Harris Administration has ignored hundreds of thousands of claims and instead focused on establishing at least 500 DEI initiatives within the VA and funding LGBTQ programs. The department spends millions of dollars each year to fund woke programs such as diversity training instead of prioritizing veterans.
As of November 15, 2024, the United States’ total debt is $35.96 trillion:
Here are some other facts about the U.S. debt:
The debt has increased by $2.30 trillion since 2023.
The cost of paying interest on the debt averages out to $3 billion a day.
The debt to GDP ratio is near record levels.
The Congressional Budget Office projects that debt will continue to outpace economic growth in the coming decades.
The debt is held by the public, federal trust funds, and other government accounts.
The national deficit for fiscal year 2025 is due to the federal government spending $257 billion more than it has collected.
Factors that contribute to the national debt include: Stimulus packages, Social programs, Tax cuts, and Spending during large global events.
The $35 trillion gross federal debt equals debt held by the public plus debt held by federal trust funds and other government accounts. In very basic terms, this can be thought of as debt that the government owes to others plus debt that it owes to itself.
Has the US ever been out of debt?
By January of 1835, for the first and only time, all of the government’s interest-bearing debt was paid off. Congress distributed the surplus to the states (many of which were heavily in debt). The Jackson administration ended with the country almost completely out of debt!
As of December 2023, the United States owes itself $12.1 trillion in intragovernmental debt. This debt is money that the government has transferred from one part to another, so it doesn’t affect the government’s overall finances.
There is a misprint in the 2nd paragraph. It should say $35 Trillion in debt, not $35 million.