Musk: DOGE dividends will not cause inflation, funds come entirely from spending cuts

Odaily Planet Daily News Trump said he is considering sending some of the money saved by Musk's cost-cutting plan directly to Americans. "We are considering returning 20% ​​to American citizens and 20% to repay debt," Trump said at the FII Priority Summit. The summit is a gathering of business and technology executives sponsored by Saudi Arabia's sovereign wealth fund. Trump did not provide further details about the plan. James Fishback, co-founder of investment firm Azoria, suggested on social media earlier this week that the federal government should issue tax rebate checks based on the amount saved by the Department of Government Efficiency (DOGE). Musk responded to the idea on the X platform, saying: "Will confirm with the president." Fishback specifically suggested that Trump should work with Congress to establish a "DOGE dividend" or tax rebate check backed by $400 billion in funds, which is equivalent to 20% of DOGE's $2 trillion savings target. Fishback estimated that if the savings were distributed to taxpaying households, each household could receive $5,000. It is not clear how much money DOGE has saved. Trump issued stimulus checks during his first term, which were distributed to Americans as the coronavirus pandemic hit the U.S. economy hard. Musk's team is working to implement deep budget cuts and layoffs at federal agencies. The billionaire Tesla CEO said his goal of cutting $2 trillion in federal spending is the "best-case scenario." Musk said the "DOGE dividend" would not cause inflation because it would be funded entirely by spending cuts and would benefit taxpayers who tend to save. Musk sat in the front row of Trump's speech and received a standing ovation when Trump introduced him. Trump praised Musk as a "person of extremely high IQ." "Now, he has his shortcomings, I can tell you, but not too many," Trump said. (Jinshi)