Economic Update – Baghdad
Elon Musk, the prominent entrepreneur and current head of the U.S. Ministry of Government Efficiency under President Donald Trump, has revealed that the American treasury is allocating over $100 billion annually to unidentified recipients.
“I was informed yesterday that more than $100 billion in entitlements has been disbursed to individuals lacking a personal social insurance number or any temporary identification,” he stated.
He continued, “If this information is accurate, it raises significant concerns.”
Musk further elaborated, “When I inquired whether anyone in the Treasury could estimate the proportion of these payments that may indicate clear fraud, I was met with a consensus suggesting that we are discussing half of it—approximately $50 billion per year, or about $1 billion per week.”
Musk emphasized the urgency of tackling this issue.
He indicated that discussions between the Ministry of Government Efficiency and the Treasury resulted in a decision to categorize all government payments, a measure necessary for subsequent scrutiny.
All transactions will include detailed explanations of their purposes.
A list of entities to which payments are prohibited will also be established, targeting potential fraudsters, deceased individuals, or those associated with terrorist organizations.
Musk clarified that these reforms will be implemented by the Treasury Department, rather than the Ministry of Government Efficiency that he oversees.
It is important to note that President Donald Trump established the Ministry of Government Efficiency to review and streamline U.S. budget expenditures, with the aim of curbing unnecessary spending.
Musk aims to achieve a reduction in budget expenses by up to $1 trillion through these initiatives.
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