social safety net

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Summers Says One Big Beautiful Bill Cuts Safety Net
Bloomberg Television· 2025-07-19 12:06
Fiscal Policy & Economic Impact - The legislation is viewed as a significant legislative achievement, but concerns exist regarding its potential to substantially increase budget deficits in the future [1] - The legislation is considered the largest cutback in the social safety net identified, occurring alongside potential reductions in spending on scientific research, arts, humanities, and foreign assistance programs [3] - Concerns are raised that the legislation compromises the nation's capacity to defend itself due to increased debt and negatively impacts its standing as a humane force in the world [4] - Bond market trends, particularly forward rates on regular bonds (well above 5%) and TIPS (well above 3%), are seen as potentially ominous indicators of the nation's medium-term credibility and ability to issue long-term debt [12] Tariffs & Inflation - Despite concerns about tariffs, CPI numbers have not yet indicated the inflation predicted by most economists [6] - The impact of tariffs on inflation may be delayed, with potential deflationary forces from artificial intelligence and technology possibly influencing the situation [7][8] - Studies during the president's first term indicated that tariffs translated into higher prices in affected sectors [9] Consumer & Small Business - Consumer spending grew by over 4% in the second quarter of 2024, supported by employment and wage growth [14] - Moderate-income households are showing some shifts in spending patterns, but overall discretionary spending remains consistent [15] - Small and medium-sized businesses face challenges due to the rising interest rate environment affecting their short-term borrowing costs [16] - Uncertainty surrounding trade and tariffs poses challenges for companies engaged in international trade, while the certainty provided by the tax rate is seen as a positive factor [17] Labor Market - Construction, farming, and travel/entertainment companies are expressing concerns about labor availability at any price [18] - Ensuring an adequate workforce is crucial for the continued growth of the service economy [19]
Eugene Robinson: This bill is 'great for Dems' and 'a strange spectacle' for Republicans
MSNBC· 2025-07-02 14:42
What Donald Trump did that was so remarkable in 2016 is he upended the historical orthodoxy of the Republican party, which is that people wanted cuts to the social safety net in America. And actually, what Republicans realized after Donald Trump was elected is that many Republicans didn't want those cuts. Democrats on the other side are looking at this. I've spoken to them over the last week or two. They're looking at this and saying, "Well, you know, if we really wanted to make sure we had a good chance in ...