Cathie Wood Draws Reagan-Era Parallels As Elon Musk Takes DOGE Helm: ‘This Bull Market Has Just Begun To Broaden Out’
Cathie Wood, CEO of ARK Invest, endorsed the newly created Department of Government Efficiency (DOGE) under Elon Musk‘s leadership while advocating for stricter government spending controls in a series of posts on X on Sunday.
What Happened: “Government spending is taxation,” Wood said, citing her early economics education with Arthur Laffer. She emphasized that government spending either translates to immediate tax increases, future generational burdens, or inflation, which she termed “the most regressive tax of all.”
The discussion gained momentum following Coinbase Global Inc (NASDAQ:COIN) CEO Brian Armstrong‘s proposals for constitutional reforms to limit federal expenditures. Armstrong suggested implementing a constitutional amendment capping government spending at 10% and establishing a U.S. sovereign wealth fund that would distribute shares and dividends from budget surpluses to citizens.
Wood, who recently praised Musk’s appointment to lead DOGE in a CNBC interview, emphasized his technological expertise as crucial for the department’s mission to minimize waste …
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