Elon Musk Says DOGE Savings Will Come ‘Over Time’: What This Means for Your Wallet
Written by
Heather Altamirano
Edited by
Rebekah Evans
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Elon Musk has officially left the Department of Government Efficiency (DOGE), but stated his team’s work will go on in reducing government waste and fraud. He made the announcement on X May 28 writing that DOGE will get stronger “over time.”
Musk’s departure comes before meeting his campaign promise to cut government overspending by $2 trillion. He later slashed that number in half and said, ”I’m confident that over time we’ll see $1 trillion of savings, a trillion dollars of waste and fraud reduction,” as Yahoo Finance reported.
However, according to the DOGE website, $180 billion has been cut so far-a drop in the bucket compared to Musk’s original estimate of $2 trillion. Below we will explore if we may see more savings, which may impact your wallet, according to finance experts.
The Long Game
While $180 billion isn’t the initial goal, it can be beneficial in the long run, but don’t expect immediate relief, said Danny Ray, founder of PinnacleQuote.
“For the short term, inflation still eats into your grocery bill,” he explained. “Insurance costs keep creeping up. But over time, if — and that’s a big if — DOGE’s mission stays on course, we might see fewer taxes, reduced national debt pressure and less waste on bloated programs.”
“Over time” really means it’s not what you feel in your pocket today. “[It’s] what won’t be taken out of it down the road,” Ray said.
No Changes Will Be Seen
While DOGE has saved $180 billion by their account, finance expert Andrew Lokenauth with Be Fluent in Finance, who had a different view and doesn’t believe taxpayers will see positive changes, called the situation a “harsh reality.”
“Those $180 billion in claimed cuts — they’re spread across massive federal programs and some of those numbers are kinda sketchy. I’ve gone through the data myself and found plenty of accounting tricks,” he added.
Musk’s Criticism of the Republican’s Bill
A few days after Musk left DOGE, he publicly slammed the Republican spending bill — specifically those who supported the bill, as seen on X.
According to the Congressional Budget Office, the bill will increase the deficit $2.3 trillion over the next 10 years.
“Overall, it’s disheartening,” Ray said. “Americans want accountability, not finger-pointing. And when someone like Musk walks away and calls it out publicly, it exposes the deeper dysfunction, where savings and reform take a backseat to politics.”
Lokenauth agreed there is a major issue behind the scenes. “Through my analysis of the Congressional Budget Office numbers, that $2.3 trillion deficit Musk is warning about is real and will make the DOGE savings insignificant,” he explained.
“The promised cuts aren’t happening, the deficit is growing and now the guy in charge has basically turned against it, which means Americans are stuck with more debt and spending — exactly what DOGE was supposed to prevent,” he added.
While DOGE has been spun as a way to save Americans money, the numbers don’t show that to be the case. That trillion-dollar savings promise keeps getting pushed further into the future, which in government terms usually means it’s not happening.
“In the end, what this means for Americans is simple: don’t expect miracles,” Ray said. “But demand transparency and don’t stop pushing for leaders who’ll treat your paycheck like it matters, because it does.”
Editor’s note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on GOBankingRates.com.
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