Economists are sounding the alarm: Donald Trump and House Republicans’ billionaire-first budget could skyrocket inflation and drag the American people into a financial crisis. While Trump’s former shadow president Elon Musk slams this budget as a “disgusting abomination,” working families are already drowning in bills without any relief in sight. The bottom line: Trump’s bill will steer the American economy toward recession — all to help the rich get richer.  

Economists are warning that Donald Trump’s billionaire-first agenda could worsen inflation and lead to a financial crisis. 

Washington Post: “The boost to the national debt from President Donald Trump’s sweeping tax bill could add fresh fuel to inflation just as his tariff policies are already pushing prices up, mainstream economists are warning. …

“Former treasury secretary Lawrence H. Summers, who was among the first to warn that pandemic-era stimulus measures in 2021 would spark inflation, said price increases could worsen if Trump’s ‘big, beautiful bill’ became law. …

“Criticism of the GOP bill has picked up in recent days among Republican lawmakers, Wall Street investors — and even Musk, who last week called the measure ‘a disgusting abomination’ that would lead to ‘crushingly unsustainable debt.’ …

“A spike in the national debt can be enough to boost inflation on its own, economists say. Every 1 percent increase in the national deficit as a share of GDP translates to price increases of roughly $300 to $1,250 per household over five years, according to estimates from the Budget Lab at Yale University.”

ABC: “The ‘One Big Beautiful Bill Act’ … could add $2.4 trillion to the deficit over the next decade, according to a new analysis out Wednesday from the nonpartisan Congressional Budget Office.” 

At Trump’s command, House Republicans passed their disastrous budget to make Trump’s tax scam permanent and fund another round of tax breaks for the ultra-wealthy on the backs of working families. 

USA Today: “Low-income families would lose, wealthier ones would gain under GOP tax proposals” 

“Low-income families stand to lose hundreds if not thousands of dollars in income while wealthy ones will gain even more, according to a new analysis of Congressional Republican tax and budget proposals. … 

“The report estimated that families with a modified adjusted gross income of less than $10,000 would lose over $2,700 (or nearly a 15% reduction in income). Families who make between $10,000 and $20,000 would lose over $800, or about 4.4% reduction in income, while families who make between $20,000 and $30,000 would lose $400, or about 1.5% reduction in income. 

“In comparison, families with higher incomes would benefit from the extension of the 2017 tax cuts.”

NBC News: “Senate Republicans released a new budget blueprint Wednesday that would pave the way for … making President Donald Trump’s 2017 tax cuts permanent.”

Trump’s tax scam will devastate working families — ripping away health care from millions and making the largest cuts to food assistance in modern history. 

Politico: “The House Energy and Commerce Committee, in a 30-to-24 party-line vote, advanced the health care section of the GOP’s sweeping tax bill that would slash Medicaid spending by hundreds of billions of dollars.” 

Politico: “The House Agriculture Committee voted 29-25 along party lines to advance legislation that would cut as much as $300 billion in food aid spending to pay for Republicans’ domestic policy megabill.” 

West Virginia Watch: “Medicaid cuts could hurt older adults who rely on home care, nursing homes” 

ProPublica: “The Trump Administration Cracked Down on Medicaid. Kids Lost Insurance.”

Georgetown University Center for Children and Families: “Cuts to Medicaid Will Shift Costs to Families, Providers and Will Be Especially Harmful to Rural Communities”

Politico: “The GOP proposal would create the largest overhaul in decades to the Supplemental Nutrition Assistance Program, which helps more than 42 million people in the U.S. pay for food, by forcing states to share the cost of SNAP benefits.”

Center on Budget and Policy Priorities: “Millions of Low-Income Households Would Lose Food Aid Under Proposed House Republican SNAP Cuts”

“Regardless of how Republican lawmakers enact a cut of this magnitude, this would slash more than 20 percent from a program that helps more than 40 million people, including 1 in 5 children, afford groceries.”

NBC News: “Anti-hunger advocates slam House Republicans’ proposed budget cut to SNAP as ‘unconscionable’”

###