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The Trump administration has already spent $ 155 billion more Then former President Joe Biden did in the same period after their inaugurations, according to the Treasury Department’s data. And Elon Musk now claims that its efficiency of the Department of Government has only managed to save $ 150 billion.
This means, despite tens of thousands of government workers who are fired, have signed agencies, cut the contracts and dramatically reduced federal services, the current administration is already a additional $ 5 billion debt as the Biden Administration at the same time.
And it is not clear that Doge saved about $ 150 billion everywhere. Every time Musk posts ‘receipts’ to show the saving of Doge, they are full of mistakes.
He initially promised to save $ 2 trillion by reducing government agencies and social benefits, than halving it to $ 1 trillion. Now he claims to have just cut a fraction of it.
The increasing spending by the Trump administration is in an analysis by the Wall Street Journal of daily financial statements issued by the Treasury section.
Costs continue to climb, even if Trump and Republicans intend to negotiate a $ 5 billion tax cut This is expected to add an extra $ 5.7 trillion to the government’s debt in the next decade. The current debt is already $ 37.3 trillion.
Many of the cost of government are fixed social benefits that continue to rise. Social Security now pays a cost-of-life boost and an increase in the number of outgoing baby creamers. Another great cost is to serve the federal debt.
The highest payments in 2024 were Social Security at $ 1.5 trillion, interest on $ 881 billion, the Department of Defense at $ 807 billion and Medicare at $ 865 billion.
Social security payments are $ 32.7 billion higher since Trump held office. The US has also paid $ 25.5 billion more in interest on the debt since Trump returned to the White House than in the same period last year, the Journal reports.
The total compulsory cost, such as Social Security, ate $ 4.9 trillion last year, while total discretionary costs (such as defense spending) cost $ 1.8 trillion.
Doge impacts are mixed and will be influenced by the planned tax cut of Republicans, which would reduce government revenue. Some firing and cuts have been blocked by court orders. In some cases, job buyout may have increased costs, at least in the short term.
“I think the net effect of does on federal spending, at least insofar as we can find it in the daily statement of the Treasury, was quite small,” said Don Schneider, deputy head of US policy at the investment bank Piper Sandler, to the Journal.
“It will take time for saving to build up, but it will also depend on the administration prevailing in court over some of these actions.”
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