Trump’s policies increased federal deficit while raising costs for families. His “One Big Beautiful Bill” adds around $3.2–$3.6 trillion to deficits over ten years, mostly from large tax cuts that aren’t fully paid for. At the same time, broad new tariffs act like a tax on consumers, pushing up prices and cutting purchasing power. Cuts to IRS funding further reduce revenue collection, which widens the deficit and lets more tax cheating slip through. Other policy moves shift costs onto households—like ending the credit-card late fee cap, restarting student-loan interest and collections, and cutting Medicaid/CHIP—leaving more people uninsured and paying more out of pocket. The result: higher national debt and higher everyday expenses.
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¶ Trump’s signature One Big Beautiful Bill explodes the federal deficit and debt to cut taxes for the wealthy
- Independent macro-modeling finds the reconciliation law signed July 4, 2025 will increase primary deficits by about $3.2 trillion over 2025–2034 (about $3.6 trillion including macro effects), with tax cuts driving roughly $4.3 trillion of revenue loss and only about $1.4 trillion of offsets. (budgetmodel.wharton.upenn.edu)
- White House materials assert the 2025 package will slash deficits and debt (for example, projecting debt‑to‑GDP falling to the 90s), yet nonpartisan modeling of the enacted law shows net multi‑trillion‑dollar deficit increases and lower GDP with higher debt. (whitehouse.gov)
¶ Trump’s Tariffs function as a large, broad‑based tax on households—raising prices and lowering purchasing power
- A 10% global tariff was imposed via executive order on April 5, 2025, with additional country‑specific rates of 10%–41%; later actions added new product‑specific tariffs (e.g., 10% on lumber, 25% on cabinets/furniture), all of which tax imported goods and feed into consumer prices. (congress.gov)
- CBO’s analysis (reported by major outlets) finds the 2025 tariff regime raises inflation by about 0.4 percentage points in 2025–2026 and reduces real output, even as it generates tariff revenue; in other words, households pay higher prices and lose purchasing power. (reuters.com)
- The Tax Policy Center estimates a 10% worldwide tariff plus 60% on Chinese goods lowers average after‑tax household income by about $1,800 in 2025, while reducing imports by about $5.5 trillion over 2025–2034—clear evidence the costs fall on “everyday people.” (taxpolicycenter.org)
- Peer‑reviewed research on the 2018–2019 tariff wave finds near‑complete pass‑through to U.S. prices and billions per month in consumer and importer costs, reinforcing that tariffs act like a tax on households. (economics.princeton.edu)
- A 2025 survey shows nearly half of large U.S. firms already raised prices due to tariffs and most expect further hikes—indicating persistent pass‑through to consumers. (axios.com)
¶ The administration has weakened revenue collection capacity, which increases deficits and lets wealthy tax cheats go free
- The 2025 reconciliation law and related actions rescinded significant parts of prior‑law funding and undermined program integrity; CBO shows that rescinding $20–$35 billion of IRS mandatory funding reduces revenues by $44–$89 billion and increases deficits by $24–$54 billion over ten years. (cbo.gov)
- CBO’s updated baseline explicitly lowered 2025–2034 projected revenues by about $70 billion in part because of the 2025 IRS rescission, increasing the ten‑year deficit by roughly $46 billion. (cbo.gov)
¶ Republican Regulatory and executive actions are increasing out‑of‑pocket costs for households, shifting burdens away from the federal ledger onto everyday people
- The administration asked a federal court to vacate the CFPB’s $8 credit‑card late fee cap; the court scrapped the rule, reversing an initiative the CFPB and independent reporting said would have saved consumers over $10 billion annually. (reuters.com)
- The Education Department ended the interest subsidy for borrowers in the SAVE plan and restarted collections, moves that will cause interest to accrue and increase monthly burdens—WaPo reports affected borrowers could face roughly $3,500 more in annual interest costs. (washingtonpost.com)
- The 2025 law’s health provisions cut federal Medicaid/CHIP outlays by about $990 billion over 10 years and are projected by CBO to increase the number of uninsured by 10.0 million in 2034—costs that do not vanish, but instead shift to families, providers, and states. (congress.gov)