Many years ago, Ludwig von Mises, in Human Action, presented the unpleasant choice team Trump must make.
“There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved.”
What Musk and Ramaswamy are advocating as part of their Department of Government Efficiency (DOGE) is the alternative of the crisis coming “sooner as the result of a voluntary abandonment of further credit expansion.” The crisis, to be clear, is a deep recession or depression.
Yes, things are looking dicey enough to have to make the choice very soon if we don’t want that total collapse. The DOGE team seems to make the choice to salvage something rather than nothing.