Chart of the Day: Trump's Huge Proposed Cuts to Public Investment

Chart of the Day: Trump's Huge Proposed Cuts to Public Investment

Trump budget arrives on Capitol Hill in Washington
KEVIN LAMARQUE/Reuters
By The Fiscal Times Staff

Ben Ritz of the Progressive Policy Institute slams President Trump’s new budget:

“It would dismantle public investments that lay the foundation for economic growth, resulting in less innovation. It would shred the social safety net, resulting in more poverty. It would rip away access to affordable health care, resulting in more disease. It would cut taxes for the rich, resulting in more income inequality. It would bloat the defense budget, resulting in more wasteful spending. And all this would add up to a higher national debt than the policies in President Obama’s final budget proposal.”

Here’s Ritz’s breakdown of Trump’s proposed spending cuts to public investment in areas such as infrastructure, education and scientific research:

Increasing Number of Americans Delay Medical Care Due to Cost: Gallup

iStockphoto
By The Fiscal Times Staff

From Gallup: “A record 25% of Americans say they or a family member put off treatment for a serious medical condition in the past year because of the cost, up from 19% a year ago and the highest in Gallup's trend. Another 8% said they or a family member put off treatment for a less serious condition, bringing the total percentage of households delaying care due to costs to 33%, tying the high from 2014.”

Number of the Day: $213 Million

A security camera hangs near a corner of the Internal Revenue Service (IRS) building in Washington
Jonathan Ernst
By The Fiscal Times Staff

That’s how much the private debt collection program at the IRS collected in the 2019 fiscal year. In the black for the second year in a row, the program cleared nearly $148 million after commissions and administrative costs.

The controversial program, which empowers private firms to go after delinquent taxpayers, began in 2004 and ran for five years before the IRS ended it following a review. It was restarted in 2015 and ran at a loss for the next two years.

Senate Finance Chairman Chuck Grassley (R-IA), who played a central role in establishing the program, said Monday that the net proceeds are currently being used to hire 200 special compliance personnel at the IRS.

US Deficit Up 12% to $342 Billion for First Two Months of Fiscal 2020: CBO

District of Columbia
By The Fiscal Times Staff

The federal budget deficit for October and November was $342 billion, up $36 billion or 12% from the same period last year, the Congressional Budget Office estimated on Monday. Revenues were up 3% while outlays rose by 6%, CBO said.

Hospitals Sue to Protect Secret Prices

iStockphoto/The Fiscal Times
By The Fiscal Times Staff

As expected, groups representing hospitals sued the Trump administration Wednesday to stop a new regulation would require them to make public the prices for services they negotiate with insurers. Claiming the rule “is unlawful, several times over,” the industry groups, which include the American Hospital Association, say the rule violates their First Amendment rights, among other issues.

"The burden of compliance with the rule is enormous, and way out of line with any projected benefits associated with the rule," the suit says. In response, a spokesperson for the Department of Health and Human Services said that hospitals “should be ashamed that they aren’t willing to provide American patients the cost of a service before they purchase it.”

See the lawsuit here, or read more at The New York Times.