In the latest episode of “Let’s Pretend We Understand Fiscal Responsibility,” the Congressional Budget Office (CBO) has delivered yet another scathing assessment of the president’s beloved legislative brainchild. It’s a thrilling saga where House Republicans propose to shower the economy with tax cuts and simultaneously slash federal safety-net programs. The result? A neat little $3.4 trillion addition to the national debt. But hey, what’s a few trillion among friends?
The CBO, in its infinite wisdom, has decisively concluded that the meager economic growth projected under this bill won’t even come close to offsetting its full fiscal impact. It’s like trying to patch a sinking ship with a Band-Aid. The bill, which recently sailed through the House, now faces the Senate’s tender mercies, where it will likely undergo a transformative journey akin to Cinderella’s pumpkin turning back at midnight.
In a move that would make Robin Hood weep, the House Republican bill proposes extending the tax cuts of yore—those golden days of President Trump’s first term—and pays for it by gutting anti-poverty programs like Medicaid and food stamps. Because, clearly, the best way to bolster an economy is to ensure that the most vulnerable among us are even more so.
The CBO’s latest report builds on their earlier revelation that the House-passed measure would cost a modest $2.4 trillion. In their updated findings, they generously project a 0.09% boost in GDP growth over the next few years. That’s right, folks, a whole 0.09%! It’s like trying to fill an Olympic-sized swimming pool with a teaspoon.
The narrative goes that lower taxes will spur American families and businesses to spend and invest more. Ah, the age-old tale of trickle-down economics. Yet, even after factoring in these fanciful spending cuts, the proposal still adds a staggering $2.8 trillion to federal deficits over the next nine years. Add the full costs of federal borrowing, and we’ve hit that magical $3.4 trillion figure.
So, as we watch this fiscal trainwreck unfold, one can’t help but wonder: Are we genuinely this bad at learning from history, or is this just an elaborate performance art piece? Our leaders seem to have a penchant for playing economic Russian roulette with the nation’s future, all while assuring us that this time, it’s different. Spoiler alert: It’s not.
