by Mish Shedlock, Mish Talk:
The answer to the first question is obvious. So let’s discuss what’s reasonable.
I created the lead chart from Budget of the U.S. Government Fiscal Year 2025 from the Office of Management and Budget.
Without giving any details, DOGE says it can cut $2 trillion in spending.
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Assume Miracles
Team Doge wants to eliminate the Department of Education. Let’s assume that happens.
Heck, let’s temporarily assume DOGE is so successful that it cuts the entire $1.001 trillion of discretionary non-defense spending by eliminating 100% of every department, not just the Department of Education.
Wow. Well done DOGE!
But where does DOGE find another $1 trillion to achieve its goal of $2 trillion?
Defense Spending
Defense spending is $884 billion, and Trump wants to raise that.
Please note the Republican Platform says
Keeping the American People safe requires a strong America. The Republican Plan is to return Peace through Strength, rebuilding our Military and Alliances, countering China, defeating terrorism, building an Iron Dome Missile Defense Shield, promoting American Values, securing our Homeland and Borders, and reviving our Defense Industrial Base. We will build a Military bigger, better, and stronger than ever before.
We will invest in cutting-edge research and advanced technologies, including an Iron Dome Missile Defense Shield, support our Troops with higher pay, and get woke Leftwing Democrats fired as soon as possible.
How much would that cost? For now, let’s believe in more miracles.
Assume cost of of the iron dome and higher pay for troops is precisely $0.
Belief in Miracles
As long as we are believing in miracles, let’s believe DOGE cuts another $1 trillion from mandatory spending.
Wow. That’s another well done, DOGE!
TCJA and Other Promises
However, we do need to address Trump’s promises and priorities. His highest priority is renewing his 2017 Tax Cuts and Jobs Act (TCJA).
