Fox Business host Charles Payne predicted Monday that the Department of Government Efficiency (DOGE) will likely cause a short-term hit to the stock market as companies that sell the Pentagon a “$500 hammer” will “take a hit.”
President-elect Donald Trump named Tesla CEO Elon Musk and former Republican presidential candidate Vivek Ramaswamy as co-chairs of the Department of Government Efficiency (DOGE) Nov. 12.
READ: Trump Solidifies Deal With SoftBank, Pledges $100 Billion Investment In US, 100,000 Jobs
Payne said that the committee had “no sacred cows” after discussing the committee’s plan to target federal spending and policies military and health care industries with former White House press secretary Kayleigh McEnany and “America’s Newsroom” co-hosts Bill Hemmer and Dana Perino.
“Here is the way I look at the next Trump 2.0. I look at Trump 2.0 as not necessarily, we’re gonna get everything in the next four years, but we’re gonna put things into place to create prosperity for America that I think could last at least three decades and the key part of this is, look where they’re going – there are no sacred cows,” Payne said. “Look at what they are going after.”
“On Friday, you had legislation to go after the pharmacy benefit managers, right? CVS stock is cratering. Eisenhower warned us about the industrial-military complex. Well, now we’ve got a health insurance industrial complex, we got a healthcare industrial complex, we got a military industrial complex now,” Payne continued. “There are hundreds of billions of dollars floating around and guess what? It’s not necessarily good news for the stock market initially. You know, because, some of these companies that get all of this money and charge us $500 for a hammer and $1,000 for a toilet seat, they may take a hit, but ultimately, it’s better for the country and that means it’s ultimately better for the stock market.”
READ: New Poll Shows Voter Optimism For Trump’s Second Term, Strong Support For Key Initiatives
Republican Sen. Joni Ernst of Iowa sent Musk and Ramaswamy a seven-page letter in November with suggestions ranging from addressing unused space in buildings owned or leased by the federal government to halting uncommitted spending for COVID relief, with the proposed cuts totaling over $2 trillion.
In April, Republican Rep. Michael Waltz of Florida confronted Secretary of the Air Force Frank Kendall about the Air Force paying $90,000 for a bag of bushings. The Pentagon also paid $14,000 for a 3D-printed toilet seat and $1,280 for cups, according to a release from Republican Sen. Charles Grassley of Iowa.
Ernst released a 60-page report on Dec. 5 that covered findings from Ernst’s investigations into telework since she sent an August 2023 letter to 24 government agencies seeking a review of the issues involved with telecommuting.
READ: DOGE Takes Aim At U.S. Department Of Education After Spending $1 Billion On DEI
Trump reportedly is planning on privatizing the United States Postal Service, which lost $9.5 billion in fiscal year 2024, according to the Washington Post.
Please make a small donation to the Tampa Free Press to help sustain independent journalism. Your contribution enables us to continue delivering high-quality, local, and national news coverage.
Connect with us: Follow the Tampa Free Press on Facebook and Twitter for breaking news and updates.
Sign up: Subscribe to our free newsletter for a curated selection of top stories delivered straight to your inbox.
First published by the Daily Caller News Foundation.