The Billionaire Brigade

Friday Feeling

Check out this week's playlist here!

Spring Affair - Donna Summers

You Can't Always Get What You Want - The Rolling Stones

Power - Kanye West

Oil Money Gang - Rick Ross, Jadakiss

Something in the way - Nirvana

The Billionaire Brigade

Elon Musk has set an ambitious goal to cut $1 trillion in spending by the end of May, aiming to slash more than half of the $1.8 trillion the US spent on non-defence discretionary programs in 2024. As a special government employee, Musk is classified as a temporary federal worker, limited to working 130 days per year in his role. “I think we will accomplish most of the work required to reduce the deficit by a trillion dollars within that time frame,” Musk stated on Baier’s show Special Report.

However, much of the federal government’s spending is on mandatory programs, such as Medicare and Social Security, where there is little leeway to make cuts. Musk has claimed, without providing evidence, that these programs are rife with fraud and waste.

A significant aspect of Musk's strategy involves enlisting the help of other billionaires to assist him in the Department of Government Efficiency (DOGE). This approach has raised eyebrows and sparked debate about the qualifications and appropriateness of these individuals in government roles. Key figures include:

Joe Gebbia: The billionaire co-founder of Airbnb and a member of Tesla Inc.’s board of directors.

Marc Andreessen: A prominent venture capitalist known for his investments in technology companies.

Peter Thiel: Co-founder of PayPal and Palantir, Thiel is known for his controversial views and business acumen.

Despite these high-profile names, the accounting from Musk’s team shows they are still far from the $1 trillion mark. The DOGE website, plagued with errors and overstatements, lists about $22 billion in contract savings and claims about $130 billion in overall cost reductions, which aren’t itemised.

Musk’s DOGE has also spearheaded a wave of federal government layoffs that agencies have begun implementing in recent weeks. Musk sought to downplay the job cuts, saying that “almost no one’s gotten fired.” Nonetheless, agencies have announced significant workforce reductions.

Try saying that to the Department of Health and Human Services that said it would cut 10,000 jobs. Or what about the US Education Department who announced it was cutting half of its employees, and the Small Business Administration eliminating 43% of its workforce? The Department of Veterans Affairs said it would terminate 80,000 workers, and the Treasury Department indicated in a court filing that large-scale cuts are planned…yeah…so nobody got fired then?

While these individuals are highly successful in their respective fields, it raises the question: are they the best fit for a position of governmental authority? They are neither qualified in by the state nor are they qualified by their skillset, despite what they or Trump might believe.

This situation exemplifies a far broader issue. Musk and his powerful compatriots act as a personification of how the US treats the rest of the world. The US leverages its wealth and global influence to impose its will on smaller, more vulnerable nations without considering the consequences felt outside of its inner circle.

UK Consumers Double Down

Recent data from the Office for National Statistics (ONS) shows that UK retail sales volumes rose by 1.0% in February 2025, defying expectations of a decline. This increase was driven by non-food sales, particularly in household goods stores and clothing, which saw significant growth due to widespread discounting. On an annual basis, retail sales volumes in February were up by 2.2%, accelerating from a 1.0% rise in January.

UK GDP increased by 0.1% in the fourth quarter of 2024. This growth, although modest, is another positive sign amid heightened global uncertainties. The services sector contributed to this increase, with a 0.1% rise in output, while construction grew by 0.3%.

In addition, the Spring Budget announced on Wednesday by Chancellor Rachel Reeves included several measures aimed at boosting economic growth and supporting businesses. Key announcements included an additional £2.2 billion in defence funding, reforms to the pension system, and the creation of a new national wealth fund. Considering some fairly radical changes both domestically and internationally, Reeves will hope (and pray) that this strength can continue into the new fiscal year and beyond.