The actual name for Trump’s domestic policy bill is One Big Beautiful Bill Act (OBBBA). It is hard to imagine the sycophancy of Republicans, who named it that in order to please our Dear Leader.

The bill is not finalized yet, and there are still some differences between the House and Senate versions, but Republicans have crafted it with a variety of gimmicks so that it can be passed on a majority vote with narrow Republican majorities in both houses.

A War on the Public Good

It is a tax cut bill for the rich, but it’s much more than that. Buried within its more than a thousand pages is the right-wing plan for the future, a war on the public good. Public institutions, collective care for the planet and each other – all of that is to be flattened.

There are too many examples. What follows are just a few. Start with the militarization of immigration policy, which we are seeing in the news and on our streets daily. It started with ICE performative cruelty; the bill would add $150 billion to Stephen Miller’s mass deportation campaign. That’s 10,000 more masked and armed ICE goons and a massive increase in detention facilities. That is a police state intruding into our communities.

Funding tax credits for clean energy or tax cuts for the wealthy? It’s clear what has to go. Not only will OBBBA cut clean energy programs, it would grant a tax break to oil and gas companies, essentially exempting them from a corporate minimum tax.

The bill establishes as a goal to have school voucher programs in every state, despite the fact that these have been voted down several times, even in deep red states. Despite being pushed and funded by institutions like the Gates Foundation, studies of voucher schools prove they underperform public schools. Is that the point, to punish poor and working class families?

There’s more, but let’s get to the tax cuts for the wealthy and corporations. OBBBA mainly extends Trump’s 2017 tax cuts, plus some “lipstick on a pig” additional cuts for overtime pay and tips. The bill slashes Medicare, Medicaid, and food stamps, cuts that fall overwhelmingly on working class families.

This is unprecedentedly ugly. Past Republican-sponsored tax cuts favored the wealthy and increased inequality. But they didn’t actually take from the poor. The OBBBA benefit cuts reduce the income of the poorest by about $2,000 per year while raising the income of the richest 10% by $12,000. The decline in well-being likely for the lower half of the income distribution would then be similar to a severe recession. Low-income folks are even worse off when tariffs, which are also regressive, are factored in. This is how Republicans are becoming the “party of the working class”. They will piss on you, and explain that it’s raining. And it’s your fault.

The Yale School of Public Health estimates that OBBBA will lead to 51,000 additional deaths annually.

Debts and Deficits

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Republican claims that tax cuts will unleash economic growth and so raise tax revenue are complete hogwash; no study, not one, has found any validity in trickle-down economics. That’s just more rain. Reliable analysis of OBBBA predicts it will raise the national debt by somewhere between $3 and $6 tril- lion over the next decade. That’s a wide range, but of course there is a lot of uncertainty.

Let’s review some principles. Having the government spend more than it gets in revenue (run a budget deficit) was crucial in 2008, to prevent the financial crisis from becoming a depression. It was crucial in 2020 when COVID shut down the economy. It would also be great if it funded investments in clean energy, schooling, housing or infrastructure.

But running deficits to fund tax cuts for the already wealthy? That is what has been happening for the last 45 years, driven by the demands of the rich unwilling to pay even modest taxes.

Are deficits and debt becoming a problem? Yes. Bond investors are going to require higher interest rates to lend to the government. Interest costs are becoming a larger and larger part of the government’s budget. Higher interest rates are going to make it harder to buy a house or car, or for governments and firms to build climate investments.

Usually it is Republicans who are the “debt scolds”; they use fear of debt to oppose social programs. If they were really worried about debt, they would go after tax cheats (that’s $600 billion a year) and refuse further tax cuts for the rich.

But they won’t. They are hypocrites. Will the Trump clown show have serious consequences for the economy? Will ‘the bond market” get nervous about debt and restrain the orgy of tax cutting? It’s not clear yet, but it would surely be a lot better if OBBBA were trashed. That is what would happen in a democracy.