Musk's $2 Trillion Promise Falls Short: DOGE Delivers Just 7.5% Of Target Savings

Int'l Business Times

22-04-2025

Elon Musk's Department of Government Efficiency ( DOGE ), launched with bold promises to slash £1.56 trillion ($2 trillion) from US federal spending, has drastically underdelivered. By 22 April 2025, Musk admitted DOGE's projected savings for fiscal year 2026 are just £117 billion ($150 billion), a mere 7.5% of the original goal.
Critics argue this shortfall, coupled with questionable cuts and Musk's reported plans to exit DOGE, suggests motives beyond efficiency. So, what's really driving Musk's controversial crusade?
A Promise Unfulfilled: DOGE's Shrinking Ambitions
Musk initially claimed DOGE would halve the federal deficit by eliminating 'waste and fraud,' targeting £780 billion ($1 trillion) in annual savings by 30 September 2025.
However, the New York Times reports DOGE's 'Wall of Receipts' website, last updated 15 April 2025, lists only £117 billion ($150 billion) in savings, riddled with errors and inflated figures, such as claiming credit for a non-existent contract cancellation. Romina Boccia of the Cato Institute told the Times, 'they're spinning their wheels, citing overstated or fake savings.'
Even Musk's fraud findings, like £297 million ($397 million) in unemployment benefits to toddlers and centenarians, were recycled from Biden-era investigations, per The Guardian .
The numbers don't add up. DOGE's cuts to the Internal Revenue Service alone could cost £390 billion ($521 billion) annually in lost tax revenue, undermining any savings, according to Yahoo News.
With Musk reportedly tiring of 'leftist attacks' and planning to leave DOGE, per a Washington Post source, the project's credibility is crumbling. Hidden Agendas: Power, Profit, or Politics?
Critics argue Musk's motives extend beyond cost-cutting. DOGE's aggressive moves, including slashing 200,000 federal jobs and targeting agencies like NASA and the NLRB, suggest a deeper agenda. Yahoo News posits DOGE aims to rewind America to a pre-New Deal era, where industrialists like Musk faced minimal oversight.
Musk's call for a 'wholesale spring cleaning' of federal regulations on 15 February 2025 supports this, potentially benefiting his companies. For instance, gutting NASA's budget could funnel rocket contracts to SpaceX, worth £11.7 billion ($15 billion) in 2024 alone according Reuters .
Meanwhile, Musk's push for a 'DOGE Dividend'—tax rebates from supposed savings—has fizzled, with experts noting Congress must approve such payouts, which exclude low earners per Yahoo Finance. What's Next for Musk and DOGE?
Musk's reported frustration and potential exit signal DOGE's days may be numbered. Set to sunset on 4 July 2026, the initiative faces growing backlash. A Rolling Stone report on 12 April 2025 cited Trump officials calling Musk 'irritating,' with some questioning his behaviour.
According to this report from CNBC Tesla's stock, down 37% in 2025, reflects investor unease, with Wedbush's Dan Ives urging Musk to refocus on Tesla.
As DOGE stumbles, the gap between Musk's rhetoric and reality grows stark. Whether driven by ambition, profit, or ideology, his moves have rattled markets and voters alike. With Congress poised to scrutinise DOGE's impact in May 2025, the initiative's fate hangs in the balance. Only time will reveal if Musk's vision reshapes government, or merely his own legacy.
While Musk insists DOGE's work will endure, its overstated savings and chaotic cuts raise doubts. Is Musk dismantling government for efficiency, personal gain, or political clout? As Nate Silver's tracker shows Musk's favourability at -13.8% on 12 April 2025, public trust is waning. DOGE's legacy may be less about savings and more about exposing Musk's complex motives.
Originally published on IBTimes UK