Trump’s economic data reports are fabricated, all for DOGE show
The post Trump’s economic data reports are fabricated, all for DOGE show appeared on BitcoinEthereumNews.com. President Donald Trump enters the fourth month of his second term, and his administration is touting record-breaking cost-cutting achievements, even as the US economy recorded its sharpest downturn in over two years, according to data from the US Commerce Department published Wednesday. The White House claims the Elon Musk-founded Department of Government Efficiency (DOGE) has saved over $100 billion. Still, government data showed that gross domestic product (GDP) contracted at an annualized rate of 0.3% in the first quarter of 2025, which begs the question of whether DOGE has saved any money at all. According to the US Department of Commerce, GDP declined for the first time since 2022, a drop from the previous quarter’s 2.4% growth, far below economists’ projections of a 0.8% expansion. The decline was largely attributed to a ballooning trade deficit, government expenditures, and lower consumer spending. Are DOGE’s savings claims factual? Elon Musk and DOGE have claimed average weekly savings of over $10 billion since the department was officially signed into existence in January. “We’re talking about almost $200 billion and rising fast,” Trump told the BBC on April 23. Back in October 2024, weeks before the US presidential elections, the Tesla CEO pledged to trim $2 trillion from federal spending. That target was later revised to $150 billion by the end of the 2026 fiscal year. DOGE maintains a running tally of its estimated savings on its website, listing the total at $160 billion as of April 20. However, less than 40% of those savings have been itemized. The department claims that around 30% of all savings are currently backed by receipts available online, while others were “unavailable for legal reasons.” The site promises to publish all documentation in a “digestible and transparent manner.” Chamath Palihapitiya, a Canadian-American venture capitalist, said in an April…
The post Trump’s economic data reports are fabricated, all for DOGE show appeared on BitcoinEthereumNews.com.
President Donald Trump enters the fourth month of his second term, and his administration is touting record-breaking cost-cutting achievements, even as the US economy recorded its sharpest downturn in over two years, according to data from the US Commerce Department published Wednesday. The White House claims the Elon Musk-founded Department of Government Efficiency (DOGE) has saved over $100 billion. Still, government data showed that gross domestic product (GDP) contracted at an annualized rate of 0.3% in the first quarter of 2025, which begs the question of whether DOGE has saved any money at all. According to the US Department of Commerce, GDP declined for the first time since 2022, a drop from the previous quarter’s 2.4% growth, far below economists’ projections of a 0.8% expansion. The decline was largely attributed to a ballooning trade deficit, government expenditures, and lower consumer spending. Are DOGE’s savings claims factual? Elon Musk and DOGE have claimed average weekly savings of over $10 billion since the department was officially signed into existence in January. “We’re talking about almost $200 billion and rising fast,” Trump told the BBC on April 23. Back in October 2024, weeks before the US presidential elections, the Tesla CEO pledged to trim $2 trillion from federal spending. That target was later revised to $150 billion by the end of the 2026 fiscal year. DOGE maintains a running tally of its estimated savings on its website, listing the total at $160 billion as of April 20. However, less than 40% of those savings have been itemized. The department claims that around 30% of all savings are currently backed by receipts available online, while others were “unavailable for legal reasons.” The site promises to publish all documentation in a “digestible and transparent manner.” Chamath Palihapitiya, a Canadian-American venture capitalist, said in an April…
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