What Elon Musk and Vivek Ramaswamy could abolish in the name of government efficiency

Published On Nov 13, 2024, 1:43 PM

Elon Musk and Vivek Ramaswamy have been backed by President-elect Trump to make significant cuts to federal government agencies, proposing to abolish several, including the Department of Education and the IRS. Their goal is to streamline the bureaucracy for efficiency, with Musk suggesting a reduction in government agencies and cutting $2 trillion from the federal budget, which would likely impact programs like Medicare and Social Security. While Ramaswamy has outlined a more detailed plan to cut federal employees and agencies significantly, the feasibility of these proposals is uncertain given Congressional oversight.

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Stock Forecasts

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The proposals by Musk and Ramaswamy, particularly the potential cuts to agencies like the IRS, could create volatility in markets focused on government contracts and services. Companies heavily reliant on federal contracts may face uncertainty if these proposals move forward.

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Additionally, while efficiency could be beneficial for the overall economy, the initial shock from such drastic cuts may lead to reduced spending, affecting sectors reliant on government budgets and social programs.

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