Senate Republicans voted to increase the federal deficit by one trillion dollars in order to give tax breaks to billionaires. The bill repeals the individual mandate for Obamacare, predicted to result in 13 million people losing healthcare. Other provisions within it cripple education from K to college, state and local governments and a lot more. It will effectively raise taxes on most Americans. And for no related reason, it allows oil drilling in the Arctic National Wildlife Refuge.
If this bill becomes law, which is all but certain, remember what it was like on December 1: nearly full employment, low inflation; a deficit and debt greatly reduced by 8 years of the Obama administration, an almost full recovery from the Great Recession of 2008, and a robust economy, with manufacturing--particularly green energy production--robust and still growing.
How like Utopia that will likely look in the near future, as a result of this shameful legislation, accomplished in a manner that violates every Congressional norm. Without a single public hearing, and with language inserted by lobbyists, it was passed in a partisan rush in the dead of night. For Congress it is its most shameful hour since World War II. This is the moment most feared, when this administration commits the nation to a kind of suicide.
And as has been reported--and Senator Sanders just said--this is only the beginning. To make up for this massive giveaway, Republicans will be coming for Social Security, Medicare and all other social programs that help people who aren't billionaires or measly millionaires.
Every Republican but one voted for it, and no Democrats A similar bill had already passed the House with Republican votes.
An optimistic update: Jonathan Chiat: Of all the horrors Donald Trump has (and has yet to) inflict upon the republic, a huge tax cut for the rich was the most inevitable. But it is also the most easily reversible. Lifetime court appointments, carbon pollution, the degrading of democratic norms — all of these will prove difficult or impossible to undo, and leave costs deep into the future. The Trump tax cuts will not."
But that works only if and when the Dems take back control of Congress, not nearly a sure thing. But Chiat is certainly right that Dems should make a major issue of this terrible and also unpopular bill, relentlessly next year. Meanwhile the damage and suffering will begin.