[The massive U.S. budget bill is a disaster: it slows the climate and clean tech movements (more on that soon), worsens inequality, and adds trillions to the national debt. A couple of short posts with some important data…]
“Ten charts to explain Trump’s big, beautiful bill”
The Economist lays out what the big, ugly budget bill will do to the U.S. in 10 brutal charts.
Some highlights:
– 12 million lose health insurance. $1 trillion cut from Medicaid over 10 years.
– 1.3 million lose food assistance
– Inequality gets worse (see below)
– Adds $4 to 5.5 trillion to the debt
– Long-term GDP forecasted to drop due to soaring interest costs
– Climate progress stalls: emissions fall just 30% by 2035 (from 2005), not the 40% path we were on.
So in short, the very wealthy and corporations gain while millions more will be hungry or sick. And we slow down on the grand transition to the clean economy, making us less competitive.
Not sure how much is behind a paywall, but here’s the article
Making inequality worse
The US Budget bill does one thing very well.
It takes money from the poor and gives it to the rich.
The incomes of the poorest half fall (up to 7% of their income). The poorest 10% lose the most.
The incomes of the richest half rise. The richest 10% gain the most. The wealthiest 0.1% GAIN $300,000 in 2027.
It couldn’t be any clearer.
With the anti-climate and clean tech provisions, the bill also does another thing well.
It takes well-being from the future and gives it to today.
[The original LinkedIn posts, here and here]
[Top Image: ChatGPT and my prompts. Chart Source: The Economist, based on the government’s own numbers.]
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