A catastrophic bill that will accelerate economic collapse.
Paul Krugman wrote a great column on substack today. Some quotes worth the read although frightening.
“Despite hitting a few speed bumps, Congress seems likely to pass Donald Trump’s “big, beautiful bill” — legislation that combines big tax cuts for the rich with vicious cuts in social programs — within a few days. This momentous move will take place with almost no public discussion; the final hearing of the House Rules Committee began at 1 AM this morning. That’s right, 1 AM. We’re clearly watching a bum’s rush, an attempt to ram this atrocity through before the public understands what’s happening.
… I have already focused on the bill’s cruelty. It’s also deeply irresponsible, undermining America’s hard-won reputation as a country that honors its obligations. The cuts to Medicaid and food stamps won’t come close to offsetting the revenue loss from the tax cuts for the rich. Neither will revenue from tariffs… Unlike retail investors who are often driven by vibes, investment pros have clear doubts about Donald Trump’s credibility. The price of US credit default swaps — which are supposed to protect investors if America fails to honor its debt, and are an indicator of market pros’ sentiment — has surged.
These market moves in bonds and swaps show that the Trump administration is losing credibility, just as the Truss government did. Professional investors are ceasing to treat us as a serious country…This irresponsible bill is already being seen as a signal to sell America, leading to higher interest rates, increasing odds of a recession, and a weaker dollar.”
https://substack.com/@paulkrugman/note/p-164072556?r=2fe8xu&utm_medium=ios&utm_source=notes-share-action
And screw the regime media that spent all this time talking about Joe Biden while this destructive bill is being smuggled through the Congress by thieves in the night. A bill that WILL undermine the health, safety and prosperity of Americans (except the billionaire class).
= new reply since forum marked as read
