President Donald Trump signed an executive order targeting the dismantling of the U.S. Department of Education, facing both support and opposition. As the order was signed, Trump faced criticism from educational organizations, while entrepreneur Elon Musk shared his views on government spending.
Order to Disband the Department of Education
The signing took place at the White House, initiating the process of dismantling the Department of Education through the Department of Government Efficiency. Donald Trump has long criticized the department for its extensive influence over schools and promised to reduce federal control. The order instructs Education Secretary Linda McMahon to take all necessary steps to dismantle the department. Though Congress must approve a complete shutdown, the order sets the process in motion. This aims to allow parents and local communities greater control over education policy, though the decision is already facing legal challenges. The event was attended by Republican governors, state officials, and school children.
Elon Musk's Statements on Government Spending
Elon Musk made headlines with his remarks on government spending during a podcast with Senator Ted Cruz. Musk highlighted that 14 computers in the Treasury Department are creating money out of thin air. 'I think we found 14 magic money computers,' Musk said. He further commented that the government's financial system is so flawed that if it were a public company, it would be delisted immediately. However, proving such claims remains challenging, as noted by hedge fund manager Jay Hatfield. The Treasury Department and Cruz's office have not yet responded to these statements.
Economic Impacts of Money Printing
Musk's comments reignited debates over how the U.S. government funds itself. Abandoning the gold standard in 1971 enabled the government to print money freely. Former Federal Reserve Chair Ben Bernanke explained this process as a way to produce U.S. dollars essentially at no cost. Critics, including Senator Ron Paul, argue that this system constitutes a hidden tax on Americans by devaluing the dollar. 'The purchasing power of the dollar has fallen to less than $0.05 of its 1913 value,' Paul wrote in his book 'End the Fed'.
Trump's order signing and Musk's statements highlight ongoing debates about the role of the federal government in education and fiscal policy. While some see this as a chance for state independence and financial accountability, others fear negative consequences.
