Fiscal statecraft is a complicated business. One hundred and twenty days into the latest policy circus, one of Trump’s top platforms, the infamous Department of Government Efficiency (Doge) is misfiring out of all of its cylinders. Once the promise of political capital evaporated for power brokers and US President Donald Trump himself, its public face, Elon Musk, was sidelined out of the White House. Doge never became an actual Department of the US government. Instead, four months into its existence, it remains a lowly temporary agency, not authorised by Congress and unbudgeted. A patch of plaster on the twin gaping…

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