Donald Trump eyes giving taxpayers cut of DOGE savings. In a bold address at the Future Investment Initiative Institute summit in Miami on Wednesday, former U.S. President Donald Trump unveiled a proposal to return a portion of savings from his federal cost-cutting initiative to American taxpayers while allocating another portion to reduce the national deficit. The initiative, overseen by billionaire entrepreneur Elon Musk, has sparked both intrigue and controversy as it seeks to overhaul government efficiency and spending.
Trump Announces the DOGE Initiative
Trump, speaking to an audience of global business leaders and investors, floated the idea of distributing 20% of the savings generated by his Department of Government Efficiency (DOGE) effort directly to taxpayers, with an additional 20% earmarked for debt reduction. “There’s even under consideration a new concept where we give 20% of the DOGE savings to American citizens, and 20% goes to paying down debt, because the numbers are incredible,” Trump said.
Musk’s Role and the “DOGE Dividend”
The proposal echoes a suggestion made by Musk, who was present at the summit and has been a key figure in Trump’s cost-cutting push. Earlier this week, Musk responded to a post on his social media platform, X, proposing a “DOGE Dividend” that would send $5,000 tax refund checks to American households. Musk indicated he would “check with the President” on the idea, signaling his involvement in shaping the initiative.
Criticism and Concerns Over Government Cuts
The DOGE effort, which has already led to significant workforce reductions and contract cancellations, has drawn sharp criticism from opponents who argue that the aggressive cuts could undermine critical government services. Critics also question whether the projected savings are realistic. While the White House claims $55 billion in savings so far, detailed documents suggest the actual figure is closer to $8.6 billion. If 20% of these savings were distributed to taxpayers, it would amount to approximately $11 per person—a far cry from the $5,000 figure Musk suggested.
Addressing the National Debt
Despite the skepticism, Trump and Musk have defended the cuts as necessary to address the nation’s staggering debt. The U.S. recorded a $1.8 trillion deficit in the last fiscal year, with projections indicating further increases over the next decade. “The biting cuts are necessary given the nation’s debt,” Trump argued, adding that 75,000 federal workers had accepted buyout offers, which he claimed would yield long-term savings.
Economic Policies Beyond Cost-Cutting
Trump’s address also touched on broader economic policies, including his administration’s focus on artificial intelligence and cryptocurrency. “I’m committed to making America the crypto capital,” he declared, signaling a push to bolster the burgeoning sector. Additionally, Trump warned foreign companies about potential tariffs, suggesting he might impose levies on lumber, semiconductors, and pharmaceuticals. “If they don’t make their product in America, then they, very simply, they have to pay a tariff,” he said.
Trump’s Ties to Saudi Arabia and Global Investors
The summit, backed by Saudi Arabia’s $925 billion Public Investment Fund (PIF), provided Trump with a platform to pitch his economic vision to global investors. Attendees included prominent figures such as Citadel CEO Ken Griffin, former Google CEO Eric Schmidt, and WeWork founder Adam Neumann. Trump’s ties to Saudi Arabia, including hosting LIV Golf tournaments at his properties, have raised questions about potential conflicts of interest as he seeks to strengthen U.S.-Saudi relations.
Geopolitical Tensions and Reactions
Trump’s remarks come amid ongoing geopolitical tensions, including U.S.-Russia talks on ending the war in Ukraine and controversy over his comments suggesting the permanent displacement of Palestinians from Gaza. Arab nations have condemned the proposal as akin to ethnic cleansing, complicating efforts to forge closer ties with Saudi Arabia.
The Future of the DOGE Initiative
As Trump continues to advocate for his economic policies, the DOGE initiative remains a focal point of debate. While supporters laud its potential to streamline government operations and benefit taxpayers, critics warn of its risks and question whether the promised savings will materialize. For now, the proposal remains under consideration, with Musk’s involvement adding a layer of intrigue to an already contentious effort.
