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Elon Musk's Department of Government Efficiency (DOGE) is targeting the penny for potential elimination, citing its production cost of 3.69 cents, which totals $119 million for taxpayers in fiscal year 2024. This initiative is part of a broader goal to cut $2 trillion in federal spending, although Musk acknowledges that reaching this target may be challenging. The penny, once a staple of U.S. currency, has lost significant purchasing power over the years, prompting comparisons to Canada’s 2012 decision to remove it from circulation.
Elizabeth Warren has proposed 30 strategies to Elon Musk for his DOGE commission to potentially cut $2 trillion in U.S. spending over the next decade, including closing corporate tax loopholes and renegotiating defense contracts. Musk's commission has faced challenges, including losing its co-chair and legal issues, while he has tempered expectations for budget cuts. The ongoing tension between Warren and Musk highlights concerns over potential conflicts of interest due to Musk's significant government ties.
Dogecoin whales have sold over 219 million DOGE, valued at approximately $74 million, raising concerns about the cryptocurrency's price impact. This selloff coincides with Elon Musk's revised expectations for cutting federal spending, now estimating a $1 trillion reduction instead of the previously stated $2 trillion. As DOGE's price dipped nearly 2% to around $0.33, market sentiment remains bearish amid broader volatility in the crypto space.
Mark Penn
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Elon Musk's initiative targets penny to reduce government spending costs
22:23 23.01.2025
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