Cutting Military Spending Would Make for a Big and Beautiful Bill
Last week, Moody’s Ratings lowered the United States credit rating. Fitch Ratings and S&P Global Ratings had already lowered the US rating. This new downgrade was driven by Congress’s failure to make any efforts to reduce the almost 37 trillion dollars national debt.
When Moody’s made its announcement, the House Budget Committee was scrambling to get the votes to pass legislation extending the 2017 tax cuts.
President Trump has dubbed this the “big beautiful bill.” The bill also has new tax cuts including repealing federal taxes on tips and overtime. The bill “offsets” the “lost” revenue from the cuts by making some cost saving reforms in domestic welfare programs, most notably Medicaid and food stamps. However, it increases spending in other areas, most notably military spending.
According to the Committee for a Responsible Federal Budget, the “big beautiful bill” would increase the national debt by at least 3.3 trillion dollars over ten years. This number is likely to rise because several moderate Republicans are threatening to vote against the bill unless the Medicaid
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LewRockwell.com is a libertarian website that publishes articles, essays, and blog posts advocating for minimal government, free markets, and individual liberty. The site was founded by Lew Rockwell, an American libertarian political commentator, activist, and former congressional staffer. The website often features content that is critical of mainstream politics, state intervention, and foreign policy, among other topics. It is a platform frequently used to disseminate Austrian economics, a school of economic thought that is popular among some libertarians.
