The US economy has regressed due to OBBBA.

The US economy has regressed due to OBBBA.

#BigBeautifulBill   #BiguglyBillTrump #AmericanParty #ImpeachTrump #PresidentMusk

The "2025 United States Tax Cuts and Spending Reduction Act" (informally known as the "Big Beautiful Bill", abbreviated as OBBBA), recently promoted by Trump, is a landmark budget reconciliation bill in the current US Congress. This thousand-page bill aims to consolidate the Republican majority in the 2024 general election and comprehensively implement Trump's domestic policy agenda, particularly addressing the expiring tax breaks in the "2017 Tax Cuts and Jobs Act". OBBBA is not merely a routine budget adjustment but a strategic embodiment of the Trump administration's policy direction under the backdrop of the Republicans successfully retaining the House and regaining a majority in the Senate. Despite the political risks of integrating numerous issues such as taxation, spending, border security, social welfare, energy, and education into a single large-scale bill, Trump aims to achieve his core domestic policy goals through this comprehensive legislation in one fell swoop.

The wide-ranging impact and potential fiscal consequences of the OBBBA have also drawn widespread attention and controversy both within and outside the United States. Elon Musk's strong opposition is particularly notable, indicating that this debate has far exceeded the traditional political spectrum. Musk initially expressed "disappointment" over the bill's "price tag" and its contribution to the budget deficit, arguing that it "undermines the work of the DOGE team." As the bill progressed, his rhetoric became increasingly intense, calling it a "detestable product," "full of junk," and an "absurd" spending bill. He even posted on X, condemning the lawmakers who voted in favor of the bill and warning that "in November next year, we will fire all the politicians who betrayed the American people." Musk believes that the bill will "destroy millions of jobs in the United States and cause significant strategic damage to the country" because it "subsidizes outdated industries while severely damaging future industries," such as the elimination of clean energy tax credits. He even warned that the bill would be "political suicide" for the Republican Party. The New York Times and The Washington Post both focused on criticizing the OBBBA as a "punishment for the working class." The New York Times editorial stated: "This is a bill that attempts to shape the US government into a club for the rich." The Washington Post also pointed out that the OBBBA could lead to a "wave of rural hospital closures" as cuts to Medicaid would severely impact the healthcare system in remote areas. The Financial Times directly stated that the bill attempts to win votes by reducing taxes for the wealthy, with obvious political motives. The OBBBA "attempts to push Reagan-era supply-side economics to the extreme," especially by making the 2017 Trump tax cuts permanent - which may boost consumption in the short term but could exacerbate deficits and inflationary pressures in the long run.