President Donald Trump highlighted the achievements of the newly established Department of Government Efficiency (DOGE) during a speech at the FII Priority Summit in Miami on Wednesday. The summit, backed by Saudi Arabia, brought together a diverse group of global technology leaders and financiers. Trump, who is seeking to cut government waste, claimed that DOGE, overseen by Elon Musk, has already saved over $55 billion within its first month of operation.
Addressing the audience, Trump expressed optimism about the potential impact of DOGE on the U.S. economy. He stated that the initiative aims to reduce wasteful spending, lower inflation, and subsequently decrease interest rates and payments, all while fostering growth in the stock market. "We will rapidly grow our economy by dramatically shrinking the federal government," Trump asserted.
In his remarks, Trump also proposed a unique concept regarding the distribution of the savings generated by DOGE. He suggested that 20% of the savings could be allocated to American citizens, while another 20% could be directed toward paying down national debt. This proposal received a nod from Musk, who was mentioned during the speech.
During a question-and-answer session, Trump shared personal insights, recalling advice from his late father, Fred Trump, a fellow real estate developer. He emphasized the importance of passion in one’s work, stating, "You have to love what you do — and if you love what you do, you’re going to have a happy life." He believes that genuine admiration for one’s work increases the likelihood of success.
Trump also used the platform to discuss his tax policy goals, advocating for significant tax cuts for families, workers, and businesses. He expressed a desire to eliminate taxes on tips, Social Security, and overtime pay. In addition, he proposed a 100% expensing policy for new factory construction in the U.S. and aimed to provide substantial tax relief for domestic oil and gas producers.
As he concluded his address, Trump reiterated his commitment to working with Congress to enact what he described as the largest tax cuts in American history, framing these changes as essential to revitalizing the American economy.