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Fortune
Fortune
Brian Hamilton

Elon Musk, Vivek Ramaswamy, and the $35T national debt—entrepreneurs to the rescue

Tesla CEO Elon Musk (Credit: Photo by Andrew Harnik/Getty Images)

Yesterday, the Trump team announced the formation of a new effort, the Department of Government Efficiency, to make the government more efficient, i.e. to cut costs and save taxpayers money. The department will be led by billionaire Tesla CEO Elon Musk and entrepreneur Vivek Ramaswamy, who will take “an entrepreneurial approach to government never seen before.” No matter what party you are affiliated with, this is a worthy cause. 

Not since the Reagan administration (and not even really then) has this issue been seriously addressed by the federal government. Hopefully, this time, something will actually happen. Better, the effort will be run by people who have proven that they can actually do this—entrepreneurs, creators. Whether you personally like the people appointed is not material since the country will gain if the objective of the department is achieved. This is long overdue. The federal government began to grow unabated at a fast clip as far back as FDR’s administration.

The national debt hit a record $35 trillion this year. Our national debt has been growing almost continuously for at least 70 years under both parties. Despite their words, to date, politicians have zero credibility in reducing it. 

National debt crisis

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