Elon Musk's initiative to reduce the federal workforce, part of Donald Trump's "department of government efficiency," could disrupt the labor market, as economists warn that cutting jobs from the 3 million civilian employees may hinder job creation. Musk and co-head Vivek Ramaswamy aim for $500 billion in savings through mass layoffs, raising concerns about the impact on job seekers and potential increases in contractor costs. Meanwhile, Trump has nominated Paul Atkins to lead the SEC, signaling a crackdown on Big Tech, as he reshapes his administration with loyalists and financial experts.
President-elect Donald Trump has appointed finance professor Michael Faulkender as deputy Treasury secretary. Faulkender, known for his role in a key pandemic relief program, is expected to support Treasury Secretary Nominee Scott Bessent in advancing the America First Agenda and fostering significant economic growth for all Americans.
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