Date: 2025-07-02 Page is: DBtxt003.php txt00026884
COMMENTARY
ROBERT REICH ... May 28, 2024
The Truth About Trumponomics
ROBERT REICH ... May 28, 2024
The Truth About Trumponomics
Original article: https://www.youtube.com/watch?v=uA2b5iWsNyY
Peter Burgess COMMENTARY
There is a lot of wealth in the United States, but ordinary people ... most of us ... have been losing out to the rich and powerful ever since Reagan and his 'Trickle Down' economic agenda in the early 1980s.
More than 40 years later, Robert Reich outlines here five initiatives that Trump is now talking about. These will not address the real problems, but more likely aggravate them:
- Number one: Trump wants to cut taxes for the rich at your expense.
- Number two: Trump would cut Social Security and Medicare programs you have been paying into.
- Number three: If Trump gets back in the White House, buckle up for more junk fees.
- Number four: Trump would send health care costs soaring.
- Number five: If you've got student debt, you're out of luck with Trump.
Robert Reich and others are trying to 'sound the alarm' but really not making much impression. The 'story' that Trump represents has much promise, but the reality that the Trump story never comes out well for anyone except Trump himself.
My expectation is that putting Trmp back in the White House will prove disastrous for most everyone in the United States except for Trump himself and a very small few. Most will realise they have been 'conned' when the damage is done ... and it could be quite soon!
Personally, I am worried!
Peter Burgess
Robert Reich
May 28, 2024
660K subscribers ... 3,119 views ... 854 likes
Trump will cut taxes for billionaires and stick you with the bill.
Here are five things you need to know about Trumponomics.
- Trump and Republicans want to
- wreck your bank account.
- Here are five things you need to know about Trumponomics.
- Number one: Trump wants to cut taxes for the rich
- at your expense.
- You’re rich as hell.
- We're going to give you tax cuts.
- Trump's tax cuts for the rich
- and big corporations
- added about $1.7 trillion
- to the national debt,
- with few benefits
- trickling down to the middle class.
- In fact, it raised taxes for more than 10 million
- American families.
- Now, Trump and Republicans want to make the tax cuts
- for the rich permanent,
- blowing up the debt even further.
- And then they'll use that debt
- to justify this.
- Number two:
- Trump would cut Social Security and Medicare —
- — programs you have been paying into.
- There is a lot you can do
- in terms of entitlements,
- in terms of cutting.
- That's your money Trump's talking about cutting into.
- Since saying that, he's tried to walk it back,
- but look at his record.
- In every year of his presidency,
- Trump submitted a budget
- that tried to cut
- Social Security and Medicare.
- And he knows that's the only way
- he can even begin to pay
- for extending his tax cuts for the rich.
- Number three:
- If Trump gets back in the White House,
- buckle up for more junk fees.
- When the Biden administration issued a rule
- capping credit card late fees at $8,
- Senator Tim Scott, a Trump surrogate,
- tried to overturn it in the Senate.
- And then a Trump-appointed judge
- issued a temporary injunction
- that blocked the rule from taking effect.
- Eliminating that rule would cost
- American families
- an estimated $10 billion a year.
- And when the Biden administration
- required airlines
- to issue automatic refunds
- for canceled flights,
- Trump's allies in Congress
- fought to block that too.
- When Trump was in office,
- his administration
- fought against efforts
- to rein in airline junk fees.
- Corporations nickel
- and diming us like this
- makes inflation worse.
- 2:04
- Number four:
- Trump would send health care costs soaring.
- Republicans have committed
- to repealing the Inflation Reduction Act,
- which would strip Medicare of the ability
- to negotiate drug prices
- and let Big Pharma
- send the price of insulin
- and other lifesaving medicines
- back through the roof.
- And Trump is still fixated
- on repealing Obamacare,
- with no plan to replace it.
- Obamacare is a disaster.
- And I said, we're going to —
- we're going to do something about it.
- That would strip coverage
- from tens of millions of Americans,
- drive up premiums, and let insurers charge
- more or deny coverage
- to people with preexisting conditions.
- Number five:
- If you've got student debt,
- you're out of luck with Trump.
- In contrast to President Biden, who’s approved
- cancellation of more than $160 billion
- of student debt so far,
- Trump is against student debt relief.
- In his first term,
- Trump tried to eliminate
- the popular Public Service Loan Forgiveness program
- for people like teachers and nurses.
- Student debt hurts not just the roughly
- 40 million Americans burdened by it,
- but the entire economy —
- since Americans with debt
- have less money to spend,
- are less likely to start a business,
- less likely to buy a home,
- and more likely
- to rely on government assistance.
- The MAGA agenda would make nearly
- every aspect of your life more expensive.
- While making the richest Americans even richer.
- Teddy Roosevelt's economic plan was called the Square Deal.
- Franklin Roosevelt's was The New Deal.
- What Trump is offering is simply
- a raw deal.