Elon Musk has a lot of room to slash government spending — former Commerce Secretary Ross reveals how

Yahoo Finance12-13

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wherever you find your favorite podcasts.\nWith inauguration day inching ever closer, plenty of investor eyes are on what's shaping up...</p>\n\n<a href=\"https://finance.yahoo.com/news/elon-musk-has-a-lot-of-room-to-slash-government-spending--former-commerce-secretary-ross-reveals-how-141829368.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"IE00BSNM7G36.USD","symbol_name":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) 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in chief.Musk’s is “a great choice” to lead a new Department of Government Efficiency , according to wealthy businessman and former commerce secretary Wilbur Ross. “I’m a big fan of Elon Musk and I think he was extremely helpful in the presidential election,” Ross told Yahoo Finance executive editor Brian Sozzi during a conversation on his Opening Bid podcast .Recalling Trump’s first cabinet, Ross said the president lacked seasoned leaders he can call upon. “So he had to rely a lot on recom","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","BK4550":"红杉资本持仓","LU2063271972.USD":"富兰克林创新领域基金","IE00BK4W5L77.USD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (USD) ACC","BK4574":"无人驾驶","BK4551":"寇图资本持仓","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","IE00BK4W5M84.HKD":"HSBC GLOBAL FUNDS ICAV US EQUITY 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federal spending by eliminating redundancies and potential money pits. \nOn the campaign trail, this department was proposed with promises of getting spending under control in a relatively short time period. The reality could prove different, according to some critics, but Musk and his now colleague Vivek Ramaswamy have taken on the challenge and are making moves such as visiting elected leaders on Capitol Hill.\n“There are overstaffed departments,” Ross said. “Most departments have fewer than a third of their employees actually coming physically to the office, so that suggests that some of those two-thirds maybe aren’t quite that essential.”\n\n\n\n  Elon Musk Musk visits Capitol Hill on December 5 with his son X. (Source: AP/J. Scott Applewhite)\n \n\n  ASSOCIATED PRESS\n \n\nAside from overstaffing, “the real cutting can come in getting rid of programs that don’t do what they should do,” said Ross. “Getting rid of programs that do not have good cost controls. That’s where the real big money comes [from] and Musk and Ramaswamy with their helpers have clearly identified a lot of these, I would call them abusive situations.”\nThe abuse comes from Congress-enacted programs that develop a constituency that lobbies for continuity and expansion “because they benefit from it,” said Ross. \nAdded Ross, “It’s hard to reverse that, but with enough willpower and with Republicans controlling both houses and with both Trump and Musk being people who are very tough, determined people, I think they’ll get it done.”\nAlthough it’s unclear which programs will go under the knife, Ross is confident in the administration’s current positioning around it. “I think you’re going to see pressure on all fronts,” he said, noting he has spoken with the president-elect and has offered recommendations for various government positions.\nThe incoming administration has its work cut out for it. \nOne large task involves filling nearly 2,000 cabinet, department, and other positions, making the slog ever present. \nRead More: Bank of America CEO Brian Moynihan on on the country's biggest problem\nRecalling Trump’s first cabinet, Ross said the president lacked seasoned leaders he can call upon. “So he had to rely a lot on recommendations from friends,” said Ross. These recommendations looked promising on “a resume basis” but the reality turned out to be different.\n“A lot of them were not in sync with Trump’s policies,” explained Ross. “There were some mistakes made in the early hiring and like any good executive, if he made a mistake, he corrects it.\nThree times each week, Yahoo Finance Executive Editor Brian Sozzi fields insight-filled conversations and chats with the biggest names in business and markets on Opening Bid. You can find more episodes on our video hub or watch on your preferred streaming service.\nGrace Williams is a writer for Yahoo Finance.\nClick here for in-depth analysis of the latest stock market news and events moving stock prices\nRead the latest financial and business news from Yahoo Finance","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2491371170"}