The GOP ‘Big, Beautiful Bill’ (sounds impressively pre-school) is being pushed down throats just in time for Memorial Day weekend.
Even though no one wants it but you and Trump.
It’s obvious Medicaid cuts are extremely unpopular. And screaming “waste, fraud, and abuse” without leaving time for proper scrutiny smells fishy.
If y’all are truly interested in savings, why not look at the privatized part of Medicare? The CBO estimates that cutting overpayments to Medicare Part D when private insurers “upcode” care to place patients in a higher risk bracket, could save more than $1T over the next decade. Wouldn’t that be a good thing?
Instead of saving money, your bill blows the deficit wide open. The CBO estimates that extending the 2017 tax cuts will cost at least $4.6T over the next ten years.
And here’s the sneaky bit. The tax cuts would go into effect immediately. But Medicaid cuts are currently not scheduled to hit until 2029, after mid-terms and the 2028 election.
The prospect of that debt explosion led to yet another downgrade of our credit rating.
But still, GOP insistence that spending is out of control does not reflect reality. Discretionary spending has fallen more than 40% in the past 50 years as a percentage of GDP, from 11% to 6.3%.
What has actually driven rising deficits are the GW Bush and Trump tax cuts, which had added $8T and $1.7T, respectively, to our debt by the end of the 2023 fiscal year.
Instead, Trump insists that foreign countries would pay for further tax cuts through tariffs, no matter how often economists said consumers would pay.
When Bloomberg and the Wall Street Journal corrected Trump on the way tariffs work, he replied: “It must be hard for you to, you know, spend 25 years talking about tariffs as being negative and then have somebody explain to you that you're totally wrong.”
“What does the WSJ know?... They’ve been wrong about everything. So have you, by the way. You’ve been wrong about everything…. You’ve been wrong all your life on this stuff.”
Your financial guru in action. And your mom’s ugly too.
So with the current BBB we are looking at yet another massive transfer of wealth from ordinary Americans to those at the top.
We’re not confused about who will benefit from this bill. One of the pieces tucked into it is a prohibition on any state laws to regulate AI for the next ten years.
Bye bye state’s rights.
The Trump administration is pushing AI hard. The country’s leading AI entrepreneurs, including Elon Musk, Sam Altman of OpenAI, Jensen Huang of Nvidia, Ruth Porat of Google’s Alphabet, and Andy Jassy of Amazon all traveled with Trump to Saudi Arabia last week.
The Saudis are looking to diversify their oil economy and are now the world’s largest investors in AI.
Meet America’s new overlords.
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