KEY TAKEAWAYS: Trump’s Disastrous Budget
February 10, 2020
Trump’s 2021 budget shows how little he cares about the health, financial security, and well-being of working Americans. It is a testament to his broken promises that includes devastating cuts to health care, while extending his tax cuts for the wealthy and prioritizing funding for his unnecessary border wall.
Trump promised to protect Social Security, Medicare and Medicaid. Instead, his budget once again proposes cuts to all three of these vital programs.
Vox: “Trump vowed to not cut Social Security and Medicare — hours before proposing just that”
Vox: “The Journal’s report, which came a day ahead of the administration officially releasing its budget on Monday, indicates that Trump’s $4.8 trillion budget includes ‘steep reductions in social-safety-net programs,’ including cuts to Medicare, Medicaid, and Social Security:”
Washington Post: “The budget would cut Medicaid and the Children’s Health Insurance Program and also wring savings from Medicare despite Trump’s repeated promises to safeguard Medicare and Social Security.”
Trump’s budget proposed extending his tax cuts for the wealthy while completely abandoning Trump’s promise to eliminate the federal deficit within eight years.
AFP: “The budget makes cuts to social programs, environmental protections and foreign assistance, to fund higher defense spending and extend tax cuts for wealthy individuals and companies, according to officials and multiple US media reports. The proposal again abandons the stated goal of closing the budget deficit in 10 years, instead pushing the target date back to 2035.”
Washington Post: “During Trump’s first year in office, his advisers said their budget plan would eliminate the deficit by around 2028. This new budget will mark the third consecutive time that they abandon that 10-year goal and instead suggest a 15-year target.”
Trump’s budget would cut about $2 trillion from mandatory spending programs by making changes to various safety nets, including restrictive work requirements for Medicaid, SNAP and housing assistance.
Wall Street Journal: “Trump to Propose $4.8 Trillion Budget With Big Safety-Net Cuts.”
New York Times: “The president’s plan includes what officials described as $4.4 trillion in spending cuts over the next decade, with about $2 trillion coming from changes to safety net programs and student loan initiatives. Those reductions encompass new work requirements for Medicaid, federal housing assistance and food stamp recipients, which are estimated to cut nearly $300 billion in spending from the programs.”
Trump’s budget “looks to kill” college affordability programs.
CNBC: “Trump looks to kill student loan forgiveness program.”
CNBC: “As student debt continues to climb, President Donald Trump released a budget for 2021 on Monday that would slash many of the programs aimed at helping borrowers. Student loan spending would be cut by $170 billion in Trump’s plan, titled ‘A Budget for America’s Future.’ The cuts include ‘sensible annual and lifetime loan limits’ for graduate students and parents and the end to subsidized loans, in which the government covers the interest for borrowers who are still in school or experiencing economic hardship.”
Trump’s budget would cut nearly every single department’s budget, including the EPA’s budget by more than a quarter.
Politico: “Trump’s plan would cut the Commerce Department by 37 percent, the Education Department by 8 percent, the Energy Department by 8 percent, the Department of Housing and Urban Development by 15 percent, and the Department of Health and Human Services by 9 percent. The administration is also seeking a 13 percent cut to the Interior Department, a 2 percent cut to the Justice Department, an 11 percent cut to the Labor Department, a nearly 21 percent cut to the State Department and a 13 percent cut to the Department of Transportation. The EPA’s budget would see a nearly 27 percent chop, the Army Corps of Engineers would see a 22 percent reduction and the Small Business Administration would see an 11 percent decrease.”
Trump continues to seek taxpayer money for his unnecessary border wall despite already stealing billions from the military to construct it, which he continues to falsely claim Mexico will pay for.
Wall Street Journal: “White House to reduce budget request for border wall: Trump administration plans to ask for $2 billion, significantly less than last year’s figure, following funds secured, including military transfers”
Trump wants to cut billions in funding for foreign aid that strengthens our own national security.
New York Post: “President Trump’s Budget Calls For $11.7 Billion Foreign Aid Cut.”