{"id":3054,"date":"2025-01-22T19:42:06","date_gmt":"2025-01-22T23:42:06","guid":{"rendered":"https:\/\/kawsachunnews.com\/w\/trumps-treasury-pick-plans-massive-cuts-to-anti-poverty-programs-analysis-reveals\/"},"modified":"2025-01-22T19:42:08","modified_gmt":"2025-01-22T23:42:08","slug":"trumps-treasury-pick-plans-massive-cuts-to-anti-poverty-programs-analysis-reveals","status":"publish","type":"post","link":"https:\/\/kawsachunnews.com\/w\/trumps-treasury-pick-plans-massive-cuts-to-anti-poverty-programs-analysis-reveals\/","title":{"rendered":"Trump’s Treasury Pick Plans Massive Cuts to Anti-Poverty Programs, Analysis Reveals"},"content":{"rendered":"

Scott Bessent’s Confirmation Hearing Raises Economic Concerns<\/h2>\n

During his confirmation hearing last Thursday, hedge fund manager and nominee for U.S. Treasury Secretary, Scott Bessent, addressed the Senate Finance Committee with promises of initiating an “economic golden age” under his leadership at the Treasury Department.<\/p>\n

However, a detailed analysis by policy experts indicates that Bessent’s ambitious “3-3-3” economic strategy would necessitate severe reductions in programs crucial for the country’s most vulnerable populations. This approach would primarily benefit the affluent and corporations, who are set to receive significant tax cuts under the proposed plans by the Trump administration.<\/p>\n

Policy directors from the Center for American Progress, Brendan Duke and Bobby Kogan, have crunched the numbers to assess what would be required to realize Bessent’s 3-3-3 plan, which aims to reduce the federal budget deficit to 3% of the GDP. The plan also aims for a 3% real GDP growth and the production of 3 million barrels of oil by the year 2028.<\/p>\n

While Duke and Kogan acknowledge the merit in attempting to lower the budget deficit while safeguarding essential services for American families, they argue that Bessent\u2019s plan to extend the expiring 2017 tax cuts without increasing taxes on the wealthy indicates a reliance on imposing new taxes on imported goods and making extensive cuts to anti-poverty initiatives.<\/p>\n

According to projections by the Congressional Budget Office, the budget deficit is expected to reach 5.8% of GDP by 2028.<\/p>\n

“The incoming president is clearly organizing his cabinet with one objective: to secure further tax reductions for his circle of billionaire friends and large corporations.”<\/p>\n

Bessent\u2019s proposal includes continuing the 2017 tax cuts, which are anticipated to enlarge the budget deficit by roughly $4 trillion over the next decade, as well as cutting investments from the Inflation Reduction Act related to energy, and freezing increases in nondefense discretionary spending. Duke and Kogan argue that these measures would actually increase the projected 2028 budget deficit from 5.8% to 6.0% of GDP, which is $1 trillion over the 3% target.<\/p>\n

To meet Bessent’s deficit target without reducing Medicare, Social Security (which Trump has pledged to protect from cuts), or defense spending, the analysts say the plan would necessitate both:<\/p>\n