Elon Musk Targets $1 Trillion in Federal Savings Amid $162 Billion Waste and $500 Billion Fraud, Trump Supports Efforts

Elon Musk is spearheading efforts to identify and eliminate waste, fraud, and abuse in the federal government, with a potential target of $1 trillion in savings. U.S. President Donald Trump has publicly supported Musk's initiatives, emphasizing the need for government efficiency. Recent reports from the Government Accountability Office (GAO) have highlighted substantial financial losses due to improper payments, estimating that the federal government wasted approximately $162 billion in fiscal year 2024, primarily in Medicare and Medicaid. Additionally, the GAO identified around $500 billion in fraudulent payments across various federal programs, including Social Security. Trump expressed uncertainty about achieving the $1 trillion savings goal but affirmed that the efforts would yield substantial results. Musk has stated that the scale of waste within the federal government is staggering, urging a reevaluation of expenditures to ensure they benefit American citizens.