To the editor:
The big beautiful bill has passed the U.S. House by a one-vote margin. As we await the vote of the U.S. Senate, let’s look at some of the effects of this proposal. Robert Reich, former U.S. Secretary of Labor, has written the following information, and he encourages us to share it widely.
Does the House’s “one big beautiful bill” cut Medicare? Yes, by an estimated $500 billion.
Because the bill cuts Medicaid, how many Americans are expected to lose Medicaid coverage? At least 8.6 million.
Will the tax cut in the bill benefit the rich, the poor or everyone? Overwhelmingly, the rich.
How much will the top 0.1 percent of earners stand to gain from it? Nearly $390,000 per year.
If you figure in the benefit cuts and the tax cuts, will Americans making between about $17,000 and $51,000 gain or lose? They’ll lose about $700 a year.
How about Americans with incomes less than $17,000? They’ll lose more than $1,000 per year on average.
How much will the bill add to the federal debt? $3.8 trillion over 10 years.
Who will pay the interest on this extra debt? All of us, in both our tax payments and higher interest rates for mortgages, car loans, and all other longer-term borrowing.
Who collects this interest? People who lend to the U.S. government, 70 percent of whom are American and most of whom are wealthy.
Bonus question: Is the $400 million airplane from Qatar a gift to the United States for every future president to use, or a gift to Trump for his own personal use? It’s a personal gift, he’ll use it after he leaves the presidency.
Will U.S. senators actually vote for this bill which increases the national debt, benefits the wealthy but hurts working people, children and the elderly?
Ruth Gaillard
Hardwick
