After giving huge tax cuts to millionaires, Donald J. Trump will today propose massive cuts to social security in the name of cutting the deficit. The same deficit he allowed to explode under his watch.
Under a $4.8 trillion dollar Budget, due to be unveiled on Monday, military spending will get another big boost while social security and education will face drastic cuts.
What is being proposed?
The White House proposes to cut spending by $4.4 trillion over a decade. Of that, it targets $2 trillion in savings from mandatory spending programs, including $130 billion from changes to Medicare prescription-drug pricing, $292 billion from safety-net cuts—such as work requirements for Medicaid and food stamps—and $70 billion from tightening eligibility access to disability benefits.
But those are only part of the proposed cuts. A large proportion will fall on individual departments.
Other proposed cuts include:
- USDA budget cut by 8 percent
- Commerce Department cuts by 37 percent
- Education cuts by 8 percent
- Energy Department spending to be cut by 8 percent
- Department of Housing and Urban Development cut by 15 percent
- CDC budget will be cut by 9 percent
What’s not getting cut
Despite all the budget slashing, Trump made sure to include boosts in spending to two main areas: Defense and the border wall.
$2 billion will be allocated for wall construction.
Military spending will go up .3 percent giving it a total budget of $740.5 billion for 2021. Plus, NASA will also get an increase of 12 percent.
Why are such huge cuts being proposed?
Under Trump’s watch, the gap between yearly government spending and revenue has hit $1 trillion.
This is largely due to the massive tax cuts of 2017.
As the New York Times reported last year:
The law introduced a standard corporate rate of 21 percent, down from a high of 35 percent, and allowed companies to immediately deduct many new investments. As companies operate with lower taxes and a greater ability to reduce what they owe, the federal government is receiving far less than it would have before the overhaul.
Just like every other Republican administration, Trump is now proposing massive cuts to social security to pay for corporate welfare. The cuts are unlikely to be embraced by the Democrat-controlled Congress.