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- 🚀 ETH jumped to $4,600 this morning, up 8.69% in 24h!
Just shy of the $4,891 ATH—think it breaks through?
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JP Morgan Predicts the Future of D.O.G.E by Elon Musk
President-elect Donald Trump has appointed billionaire entrepreneur Elon Musk and Republican leader Vivek Ramaswamy to lead the Department of Government Efficiency (DOGE). The goal of this new department is to streamline federal operations and reduce government waste. However, leading investment bank JP Morgan recently released a report on DOGE, raising doubts about the effectiveness of this department. JP Morgan has evaluated the prospects of DOGE, saying that the new department will face difficulties in controlling government spending. While DOGE's mission is to support the reduction of bureaucracy and government intervention, the reality will be different. In theory, this idea seems great, but in reality, this department will find it difficult to navigate. JP Morgan: Congress controls government spending, not DOGE JP Morgan wrote in its article that the National Assembly controls the government's spending and DOGE is outside the National Assembly. DOGE can only make proposals, but the general control of government spending is in the hands of the National Assembly. It may not be able to perform the task it is assigned because officially it does not have the power. "We believe that a department led by Elon Musk, with the goal of cutting government waste, will struggle to do so," JP Morgan wrote. "In terms of government efficiency, President-elect Trump is expected to pursue a program advocating administrative simplification. Part of this program includes a new Department of Government Efficiency (DOGE)," JPMorgan said, adding: "The key point is the National Assembly's control over the government's spending, and DOGE is outside the National Assembly," JP Morgan wrote. "The government can make any proposal they want, but ultimately the majority 60 votes in the National Assembly will make legislative changes." In summary, global investment bank JP Morgan doubts the utility of Elon Musk's DOGE. The new department can only make suggestions, but the ultimate power lies with the Congress to control spending.