Kevin O’Leary reacts to Vivek Ramaswamy hinting at plans to crack down on defense spending and cut government jobs.
Together, Elon Musk and Vivek Ramaswamy heading America’s first Department of Government Efficiency (DOGE) will likely cut serious spending waste, Kevin O’Leary thinks.
“There’s lots of room for efficiency,” O’Leary said on “Varney & Co.” Monday.
“I’m just one voice. But if you went and talked to the CEOs in the S&P 500,” he added, “they point to [regulation] as one of the most expensive aspects in terms of cost growth on their income statements.”
DOGE’s co-chair Ramaswamy joined Fox News’ “Sunday Morning Futures” to explain what first steps the agency might take to reach their goal of cutting $2 trillion off the national deficit.
D.O.G.E. COULD TARGET S.E.C., C.F.P.B. – ARE BOTH AGENCIES NEEDED?
Not only does DOGE plan on simplifying tax codes, but Ramaswamy told host Maria Bartiromo that they also expect massive cuts in the federal government workforce, including within the defense sector.
Kevin OLeary seemed to support the newly-appointed Department of Government Efficiency and its ability to cut excessive financial waste. (FOXBusiness)
“The Pentagon has just failed its seventh consecutive audit, nearly $1 trillion of budget. They can’t even tell you where it goes. So I think part of this is exposing for the public the extent of that rot and waste. But then to take steps first through executive action, and then laying the groundwork for broader change through legislation as well, to rein in that deficit, to rein in that budget,” Ramaswamy said on Sunday.
Earlier this month, President-elect Donald Trump tapped Ramaswamy and business magnate Musk to lead the newfound DOGE, aimed at suggesting ways to dismantle government bureaucracy and restructure federal agencies from an outside-the-government perspective.
O’Leary Ventures Chairman Kevin O’Leary analyzes market hits and misses and weighs in on who can take Trump’s open Treasury secretary seat.
Since DOGE is not an official government agency, neither Musk nor Ramaswamy are considered official cabinet members nor will they be federal employees.
Their work is expected to conclude no later than July 4, 2026 – on the 250th anniversary of the Declaration of Independence’s signing.
“You have to realize that if they just solve for simplifying tax, and deregulated the economy, just say [by] 30%, pulled some of that regulation out, the cost that I have to spend each year just to remain compliant goes up at about 20% a year between all the consultants, the auditors, the lawyers and the changing rules of regulation,” O’Leary reacted.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Sen. James Lankford, R-Okla., discusses the ‘foolish’ spending by the federal government and how DOGE can make it more ‘efficient’ on ‘The Bottom Line.’
“And I participate in all 11 sectors of the economy,” he continued. “I have never seen cost escalation as I have in the last five years [in] this area.”
Also, according to Ramaswamy, the sweeping changes expected to come from the initial executive actions will lay the groundwork for Congress to “take meaningful steps” in budget reductions going forward.
Fox News’ Taylor Peney contributed to this report.
