Vivek Ramaswamy, an Indian American Republican presidential primary candidate, has put forward a bold proposal to address the monumental debt crisis facing the United States. He advocates for a complete funding reset for all government departments as a solution to the country’s financial woes, which currently involve an estimated debt of US $33 trillion.
In a series of posts, Ramaswamy outlined his vision for addressing the debt crisis, emphasizing the need for his entrepreneurial expertise in government leadership. He believes that by applying “zero-base” budgeting to the entire federal government starting in 2025, the country can start anew in each department, questioning the necessity of all expenditures instead of relying on the previous year’s budget as the default starting point. Ramaswamy likened this approach to how a competent CEO would handle the current fiscal challenges.
He underscored the severity of the national debt crisis, asserting that both political parties lack effective budgeting strategies and tend to continue spending without a thorough evaluation of what truly works. Ramaswamy emphasized that a genuine outsider from the world of politics is needed to address this crisis effectively.
In addition to his political aspirations, Ramaswamy mentioned his biotech company, Roivant Sciences, which he founded in 2014, and which went public in 2021. According to an August 2023 Forbes article, his estimated wealth exceeds $950 million. At that time, he was among the 20 youngest U.S. billionaires with a net worth surpassing $1 billion, although a market downturn shortly thereafter pushed him just below that threshold, according to Forbes’ calculations. Ramaswamy also ranks among the wealthiest GOP primary contenders for 2024, second only to former President Donald Trump.
