Letters from an American May 18, 2025
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May 19, 2025 A contentious bill has sparked fierce debates in Congress, revealing cracks in party lines and raising alarms over potential economic consequences. The conversation shifts to fiscal responsibility, dissecting misconceptions about tax cuts and their role in increasing deficits. Tariffs affecting giant retailers like Walmart are also analyzed, alongside the implications of the 'Big Bad Billionaire Bill'. Meanwhile, Biden's health announcement and a pivotal election in Romania illustrate the interconnectedness of global politics and economic strategies.
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Rush to Cut Medicaid Revealed
- The Republican 'Big Beautiful Bill' fast-tracks massive Medicaid cuts amid minimal public scrutiny.
- This rush contrasts with slow, thorough health reform debates like Obama's ACA process.
Misplaced GOP Spending Claims
- U.S. discretionary spending has declined significantly over 50 years, contrary to GOP claims of overspending.
- Major deficit drivers are tax cuts from Bush and Trump, not spending increases.
US Tax Gap Compared to OECD
- The U.S. under-taxes compared to OECD and EU averages, losing trillions in potential revenue.
- Closing this tax gap could generate vast funds without raising current tax levels drastically.