Howdy folks. Today we’re trying to figure out if Elon can identify $2 trillion to cut from the federal budget plus answering listener feedback about cutting foreign aid and fixing government bureaucracies.
What’s in the Episode
[0:52] - The goals of Elon Musk’s Department of Government Efficiency. Can it cut $2 trillion in the federal budget? Danny breaks down the $7.0 trillion FY2025 federal budget.
[3:51] - What is the Dept of Govt Efficiency unlikely to cut?
[8:18] - Early (gimmick?) programs identified by Elon and the Dept of Govt Efficiency
[10:57] - Where could the Dept of Govt Efficiency look for ideas to cut federal spending?
[14:09] - How much would Trump’s deportation plan save (or cost)?
[19:17] - Are reductions in tax expenditures on the table?
[24:20] - How much waste, fraud, and abuse is there and how much can be cut?
[25:08] - How much of the Inflation Reduction Act can be clawed back?
[27:31] - How much can be cut from health care spending?
[31:13] - A discussion of “easy to do” arithmetically versus politically
[34:13] - Predictions of the bottom-line spending and deficit numbers in Trump’s first presidential budget
[38:06] - Feedback #1: “How much in our spending bills are actually going to other countries outside of America.”
[41:41] - Feedback #2: “American bureaucracy is out of control. What can we do to control it?” Can we follow Milei in Argentina’s lead?
[47:21] - Veto of the Week: Cleveland predicts cost overruns. Plus, Danny explains why we named the show “584 Vetoes” and why we should all hope Trump becomes Cleveland 2.0.
[50:06] - Send us your feedback or policy questions by emailing feedback@584vetoes.com or finding me on Twitter @TomVChurch
Sources Mentioned in the Episode
* CBO’s June 2024 Budget & Economic Outlook. Table 1-1 is a good starting point.
* Skepticism from Matt Yglesias on cutting large parts of the budget.
* America PAC’s $900 billion taxpayer dollars wasted includes the net interest on the debt.
* GAO finds $236 billion in improper payments in 2023
* Veronique de Rugy’s suggestions for cutting $2 trillion in government spending
* A recent list of the largest tax expenditures
* Center for Immigration Studies estimate of the cost of illegal immigrants
* Report that Trump might try to kill the $7,500 EV tax credit
* Paragon Institute plan on Medicaid FMAP financing reform
* Paragon Institute study on Medicaid fraud
* Marc Goldwein’s $2 trillion in spending cuts (over ten years)
* CBO Options to Reduce the Defict
* White House Historical Table 3.2 - International Affairs and Defense - Other are the rows to focus on
* Peterson Foundation article on foreign aid
