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Here are four proposed cuts by Musks DOGE and how they could impact your wallet and thegreater economy.
What You Should Know
Typically, Congress, not the president, authorizes all federal spending.
In addition, two-thirds of all government spending is mandatory.
Without reforms to these programs, the fiscal trajectory of the country will not be sustainably changed.
Wallet Impact:Consumers could pay more for everyday expenses like gas and healthcare while taking home less pay.
In addition, DOGE could recommend offering early retirement and providing severance incentives to reduce the federal workforce.
Wallet Impact:Lower spending and higher prices in communities where most federal workers live.
Businesses in those areas might also have to lay off workers, adding to the unemployment rate.
Slower processing times to issue Social Security checks and tax refunds.
Wallet Impact:Lower costs and increased efficiency in the short term.
More environmental disruptions, financial instability, and declining job quality in the long term.
For example, the Defense Departmentcame under scrutinyin recent years for failing audits in previous years.
DOGE audits could cover government procurement practices, contractor payments, and inventory management.
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