Budget bill would add trillions to U.S. debt and increase inequality, Nobel laureate economists say
Budget bill would add trillions to U.S. debt and increase inequality, Nobel laureate economists say
Six Nobel laureate economists say GOP-backed "big beautiful bill" will hurt millions of Americans and weaken the U.S. economy.
Six Nobel laureate economists said a massive budget bill passed by House lawmakers last month and backed by Trump would weaken key safety-net programs while greatly lifting the federal debt.
The tax and spending package, which Republicans have dubbed the "one big beautiful bill," would hurt millions of Americans by slashing Medicaid and food stamps, the economists wrote in a June 2 letter on behalf of the Economic Policy Institute, a left-leaning think tank.
"Even with the safety net cuts, the House bill leads to public debt rising by over $3 trillion in coming years (and over $5 trillion over the next decade if provisions are made permanent rather than phasing out)," the economists state. "The higher debt and deficits will put noticeable upward pressure on both inflation and interest rates in coming years."
Didn't we already do this song and dance first time around? Trump wants to give all the rich people more money, economists say it will hurt the poor and raise the debt, Republicans pass it, the country and its people apart from the rich are worse off. We all know this passes and the effects and purpose of it. No one's shocked Pikachu.
The difference now is that our debt is so high that the whole world is watching and downgrading our credit. Creating debt isn't necessarily a problem of you're using that debt to make things more productive. If you're using that debt to build infrastructure, improve schooling, etc... Increasing your debt to give rich people more money is wasteful spending. Those same economists that are warning about this bill are also scared that we will lose our ability to cheaply borrow money.
True, but many of those morons who voted for this orange crook will probably be shocked Pikachu - until some lying scumbag comes along and tells them it was really some minority's fault or some other fairytale along those lines. It's just sad.
Then first time? This is at least the 5th or 6th time.
Every time Republicans get a majority/the presidency they do this shit.
Here’s where they push the scam of “temporary” tax cuts.
- last time around, Trumps tax cuts weren’t that bad for the debt because they’re temporary, they expired
- this time around they’re not increasing the debt because they’re merely extending the existing tax cuts. No change /s
Let this be a lesson to never ever take conservatives seriously. "Nooooo, universal healthcare and trains will cost too much money, muh fiscal responsibility :(" has turned into "let's go into more debt than anyone has ever thought of to make the poor poorer and the rich richer"
Conservatives should be listened to on nothing. They have zero credibility. A toddler would make better policy decisions
There's a provision in that bill that allows Trump to be a dictator/king for life.
https://50501.chat/post/280122
Download the app "5 calls". It is ad free, and free. It will give you the phone number of your representatives and senators, as well as a script if you need it, for every issue that is currently up for vote.
Immediately contacted my reps demanding this be removed as soon as I heard about it.
This is one of those truly nefarious things they aim to slip in amongst all the chaos, and would absolutely be a death blow to US democracy if it goes into law.
And after you leave a voicemail, the rep will task an intern with spending 15 minutes clearing out all messages.
Isn't that the whole point of it?
"big beautiful bill" will hurt millions of Americans and weaken the U.S. economy but there are also some downsides
Republicans / Conservatives have always told their members that they are better stewards of finances and yet for the last 40-50 years they have been the ones to drive up the debt and run annual deficits while handing ever increasing amounts of money to the 1%. How they keep convincing their members that it is the left who are the problem, is a remarkable study in propaganda.
Wait, so the guy who bankrupted five casinos and a casino holding company doesn't know anything about budgets? How can this be!!??!?
Hey so... Could you guys maybe take it a bit easier with the self destruction? We still got some preparations to make here in ol' Europe...
As intended
It's not a bug, it's a feature.
Sorry, I didn't know there was a Nobel prize in economics. Is this one of those pseudo-Nobel prizes that has nothing to do with dynamite?
The title in red on the sign tells you what you need to know. It's just a
Big Beautiful Act
Big Act
The federal debt isn't real, deficits aren't the source of inflation, shut the fuck up.