DOGE is fun, but it is unlikely to make a real dent in Fed spending. Cutting 25 per cent of federal employees would save only 1 per cent of the budget? The ten-year treasury yield has dropped 50 BPS not because there will be magic on the deficit, but because economic growth is becoming a question mark. Buy the trumpets, sell the cannons.

USAID would only account for 0.6 percent of the spending. A more practical target would be addressing payment errors, but it would yield only around $100bn in saving