Ron Paul, a former U.S. Congressman, has an "easy" suggestion for Tesla Inc. CEO Elon Musk and his Department of Government Efficiency (DOGE) co-lead Vivek Ramaswamy.
What Happened: Paul urged the elimination of foreign aid, highlighting its economic and moral implications.
In a post on X on Saturday, Paul criticized the practice of redirecting funds from American citizens to affluent individuals in poorer nations.
Paul emphasized that foreign aid involves taking money from the U.S. poor and middle class and channeling it to wealthy entities abroad, with intermediaries benefiting in the process. He argued that this practice is not only economically detrimental but also morally questionable and unconstitutional.
Don’t Miss:
- Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." These high-yield real estate notes that pay 7.5% – 9% make earning passive income easier than ever.
- Wondering if your investments can get you to a $5,000,000 nest egg? Speak to a financial advisor today. SmartAsset’s free tool matches you up with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you.
"Americans don't want their government to borrow more money to spend on foreign aid," Paul said.
He called it an "immoral transfer of wealth" and termed it "unconstitutional."
Paul’s comments reflect ongoing debates about the role and impact of foreign aid in U.S. policy, as well as its alignment with constitutional principles. His stance adds to the discourse on how the U.S. should manage its financial resources and international responsibilities.
Trending: CEO of Integris gathered a team of senior investment managers who have $34.22 billion in combined owned and managed assets in the West Coast — here’s how to invest in their private credit fund that targets 12% annual interest rate.
Why It Matters: The call for ending foreign aid by Ron Paul comes at a time when the U.S. is grappling with significant budgetary challenges.
The newly formed Department of Government Efficiency (DOGE), led by Musk and Ramaswamy, aims to cut federal spending by up to $2 trillion. However, experts predict only marginal savings, estimated between $50–100 billion annually, against a federal budget deficit projected to reach $1.7 trillion in 2024.
Musk has expressed interest in having Paul join the DOGE team, highlighting his potential role in shaping fiscal policies.
The initiative, part of President-elect Donald Trump‘s agenda, underscores the ongoing debate over federal spending and the prioritization of domestic versus international financial commitments.
Read Next:
- This Jeff Bezos-backed startup will allow you to become a landlord in just 10 minutes, with minimum investments as low as $100 for properties like the Byer House from Stranger Things.
- Deloitte's fastest-growing software company partners with Amazon, Walmart & Target – Last Chance to get 4,000 of its pre-IPO shares for just $0.26/share!
Photos courtesy: Shutterstock and Gage Skidmore on Flickr
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
