{"id":1048869,"date":"2024-10-15T15:16:43","date_gmt":"2024-10-15T19:16:43","guid":{"rendered":"https:\/\/democrats.org\/?p=1048869"},"modified":"2024-10-15T15:16:43","modified_gmt":"2024-10-15T19:16:43","slug":"donald-trump-wants-to-blow-up-the-deficit-with-his-inflation-bomb-of-a-project-2025-agenda","status":"publish","type":"post","link":"https:\/\/democrats.org\/news\/donald-trump-wants-to-blow-up-the-deficit-with-his-inflation-bomb-of-a-project-2025-agenda\/","title":{"rendered":"Donald Trump Wants to Blow Up the Deficit With His \u201cInflation Bomb\u201d of a Project 2025 Agenda"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

Ahead of Donald Trump\u2019s interview with Bloomberg News and the Economic Club of Chicago,<\/em> DNC Rapid Response Director Alex Floyd released the following statement:<\/em><\/strong><\/p>\n\n\n\n

\u201cEconomists are sounding the alarm: Donald Trump\u2019s Project 2025 agenda would create an \u2018inflation bomb\u2019 and skyrocket the deficit while hiking costs. The Trump-Vance ticket would double down on the MAGAnomics failures of Trump\u2019s first term after he added nearly two trillion<\/a> dollars to the national deficit with his tax scam, created new incentives for companies to send jobs overseas, and left office with the worst jobs record in modern American history. The American people are not going back \u2013 they will reject the Trump-Vance ticket\u2019s plans to devastate our economy and vote for Vice President Harris and Governor Walz, who will always put hardworking Americans first.\u201d<\/p>\n\n\n\n

The extreme, unpopular, and unaffordable Trump-Vance Project 2025 agenda would once again gift tax breaks to the ultra-rich and big corporations while causing an \u201cinflation bomb.\u201d<\/strong><\/p>\n\n\n\n

Wall Street Journal<\/a>: \u201cEconomists Say Inflation, Deficits Will Be Higher Under Trump Than Harris\u201d<\/strong><\/p>\n\n\n\n

Axios<\/a>: \u201c16 Nobel economists see a Trump inflation bomb\u201d<\/strong><\/p>\n\n\n\n

\u201cSixteen Nobel prize-winning economists are jumping into the presidential campaign with a stark warning: Former President Trump\u2019s plans would reignite inflation and cause lasting harm to the global economy if he wins in November.\u201d<\/strong><\/p>\n\n\n\n

Axios<\/a>: \u201cTrump\u2019s inflation bomb: <\/strong>How his second-term plans could make it worse\u201d<\/p>\n\n\n\n

The Hill<\/a>: \u201cTrump win, GOP sweep would fuel inflation<\/strong>: Moody\u2019s Analytics\u201d<\/p>\n\n\n\n

CNBC<\/a>: \u201cTrump budget would spike deficits<\/strong> by nearly 5 times Harris proposal, says Penn Wharton\u201d<\/p>\n\n\n\n

The Atlantic<\/a>: \u201cTrump\u2019s Plan to Supercharge Inflation\u201d<\/p>\n\n\n\n

Bloomberg<\/a>: \u201c[Trump] intends to center his economic plans on extending and deepening the Republican tax cuts from 2017.\u201d<\/strong><\/p>\n\n\n\n

Wall Street Journal<\/a>: \u201cA drumbeat of reports from Wall Street economists have warned that Trump\u2019s plans could substantially slow economic growth while driving up consumer prices.\u201d<\/strong><\/p>\n\n\n\n

Washington Post<\/a>: \u201cTrump and his advisers have discussed deeper cuts to both individual and corporate tax rates that would build on his controversial 2017 tax law \u2026 Further cutting corporate taxes \u2026 would primarily benefit large firms.\u201d<\/strong><\/p>\n\n\n\n

Center for American Progress<\/a>: \u201cProject 2025\u2019s Tax Plan Would Raise Taxes on the Middle Class and Cut Taxes for the Wealthy\u201d<\/strong><\/p>\n\n\n\n

\u201cIn [Project 2025], far-right extremist plans are outlined that raise taxes on low- and middle-income households to finance tax cuts for the wealthy and large corporations.<\/strong> Project 2025\u2019s tax plan includes an \u2018intermediate tax reform\u2019 that includes changes to tax brackets and corporate tax cuts that would shift the tax burden toward middle-income households\u2026<\/strong><\/p>\n\n\n\n

\u201cThe shift toward a flat consumption tax while eliminating income taxes would lead to an average $5,900 tax increase for the middle 20 percent of households and an average $2 million tax cut for the top 0.1 percent\u2026 <\/strong>Project 2025 does not stop at cutting taxes for wealthy individuals; it also proposes an array of tax cuts for corporations. \u2026 This would amount to a $24 billion tax cut for the Fortune 100<\/strong>, the 100 largest companies in America.\u201d<\/p>\n\n\n\n

CBS News<\/a>: \u201cMillions of low- and middle-class households would likely face significantly higher taxes under the Project 2025\u2019s proposals.\u201d<\/strong><\/p>\n\n\n\n

Project 2025<\/a>: \u201cThe corporate income tax rate should be reduced to 18 percent.\u201d<\/p>\n\n\n\n

Donald Trump\u2019s utter failure of an economic record put working people last by rigging the economy for billionaires, skyrocketing the deficit, and creating new incentives for companies to ship jobs overseas.<\/strong><\/p>\n\n\n\n

Washington Post<\/a>: \u201cFor the first time in history, U.S. billionaires paid a lower tax rate than the working class last year\u201d<\/strong><\/p>\n\n\n\n

Forbes<\/a>: \u201cTrump Tax Cuts Helped Billionaires Pay Less Taxes Than The Working Class In 2018\u201d<\/strong><\/p>\n\n\n\n

The Guardian<\/a>: \u201cDonald Trump\u2019s $1.5tn tax cuts have helped billionaires pay a lower rate than the working class for the first time in history.\u201d<\/strong><\/p>\n\n\n\n

New York Times<\/a>: \u201cHow Big Companies Won New Tax Breaks From the Trump Administration\u201d<\/p>\n\n\n\n

Economic Policy Institute<\/a>: \u201cThe TCJA overwhelmingly benefited the rich and corporations while overlooking working families\u201d<\/strong><\/p>\n\n\n\n

Vox<\/a>: \u201cTrump said this tax break was for small businesses. It\u2019s giving $17 billion to millionaires this year\u201d<\/strong><\/p>\n\n\n\n

New York Times<\/a>: \u201cThe 2017 corporate tax cuts signed into law by Mr. Trump have not increased government revenue \u2026 In fact, they have had the opposite effect.\u201d<\/strong><\/p>\n\n\n\n

CBS News<\/a>: \u201cTwo years after Trump tax cuts, middle-class Americans are falling behind\u201d<\/strong><\/p>\n\n\n\n

Washington Post Analysis<\/a>: \u201cOne of President Donald Trump\u2019s lesser-known but profoundly damaging legacies will be the explosive rise in the national debt that occurred on his watch.<\/strong> The financial burden that he\u2019s inflicted on our government will wreak havoc for decades, saddling our kids and grandkids with debt. The national debt has risen by almost $7.8 trillion during Trump\u2019s time in office\u2026 The growth in the annual deficit under Trump ranks as the third-biggest increase, relative to the size of the economy, of any U.S. presidential administration.\u201d<\/p>\n\n\n\n

Bloomberg<\/a>: \u201cThe Offshoring of U.S. Jobs Increased on Trump\u2019s Watch\u201d<\/strong><\/p>\n\n\n\n

Washington Post<\/a>: \u201cTrump promised \u2018America First\u2019 would keep jobs here. But the tax plan might push them overseas.\u201d<\/strong><\/p>\n\n\n\n

The Guardian<\/a>: \u201c\u2018He pulled the wool over our eyes\u2019: workers blame Trump for moving jobs overseas\u201d<\/strong><\/p>\n\n\n\n

\u201cPromises to save US manufacturing and prevent American jobs moving abroad were a key part of Donald Trump\u2019s 2016 campaign. But since Trump took office in January 2017, nearly 200,000 jobs have been moved overseas, based on Trade Adjustment Assistance certified petitions.\u201d<\/p>\n\n\n\n

Reuters<\/a>: \u201cHow offshoring rolled along under Trump, who vowed to stop it\u201d<\/strong><\/p>\n\n\n\n

\u201cDonald Trump won the U.S. presidency four years ago, in part, by a promise to Midwest factory workers that he would stop companies like Schneider Electric SE from moving jobs out of the country. He didn\u2019t stop them.\u201d<\/p>\n\n\n\n

ITEP<\/a>: \u201cThe Trump-GOP tax law enacted in December 2017 creates clear incentives for American-based corporations to move operations and jobs abroad, including a zero percent tax rate on many profits generated offshore.\u201d<\/p>\n\n\n\n

Wall Street Journal<\/a>: \u201cPresident Trump\u2019s trade war against China didn\u2019t achieve the central objective of reversing a U.S. decline in manufacturing,<\/strong> economic data show, despite tariffs on hundreds of billions of dollars of Chinese goods to discourage imports.\u201d<\/p>\n\n\n\n

Detroit Free Press<\/a>: \u201cTrump, tweets couldn\u2019t save U.S. auto jobs in 2017\u201d<\/strong><\/p>\n\n\n\n

New York Times<\/a>: \u201cAfter Years of Growth, Automakers Are Cutting U.S. Jobs\u201d<\/p>\n\n\n\n

Bureau of Labor Statistics<\/a>: \u201cWhen Trump left office, there were over 170,000 fewer manufacturing jobs than when he started.\u201d<\/strong><\/p>\n\n\n\n

Trump\u2019s failed MAGAnomics earned him the worst jobs record in modern American history.<\/strong><\/p>\n\n\n\n

Fortune<\/a>: \u201cTrump to leave office with the worst jobs record since Herbert Hoover\u201d<\/strong><\/p>\n\n\n\n

Washington Post<\/a>: \u201cPresident Trump took office at the crest of the longest economic expansion in U.S. history. He leaves presiding over the worst labor market in modern U.S. history, as an already-sputtering economic recovery has turned negative.\u201d<\/strong><\/p>\n\n\n\n

Bloomberg<\/a>: \u201cTrump\u2019s Jobs Record Fell Short of Promises Even Before the Virus\u201d<\/strong><\/p>\n\n\n\n

USA Today<\/a>: \u201cFact check: Chart of job growth by president shows historic unemployment under Trump\u201d<\/p>\n\n\n\n

Newsweek<\/a>: \u201cTrump Leaving Office With 3M Less Jobs Than When He Entered, Worst Record Since Depression\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Ahead of Donald Trump\u2019s interview with Bloomberg News and the Economic Club of Chicago, DNC Rapid Response Director Alex Floyd released the following statement: \u201cEconomists are sounding the alarm: Donald Trump\u2019s Project 2025 agenda would create an \u2018inflation bomb\u2019 and skyrocket the deficit while hiking costs. The Trump-Vance ticket would double down on the MAGAnomics […]<\/p>\n","protected":false},"author":263,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1048869","post","type-post","status-publish","format-standard","hentry","category-press-release"],"acf":[],"yoast_head":"\nDonald Trump Wants to Blow Up the Deficit With His \u201cInflation Bomb\u201d of a Project 2025 Agenda - Democrats<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/democrats.org\/news\/donald-trump-wants-to-blow-up-the-deficit-with-his-inflation-bomb-of-a-project-2025-agenda\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:site_name\" content=\"Democrats\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-15T19:16:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/democrats.org\/wp-content\/uploads\/2024\/08\/image.png?w=1024\" \/>\n<meta name=\"author\" content=\"Claire DePree\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Claire DePree\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/democrats.org\/news\/donald-trump-wants-to-blow-up-the-deficit-with-his-inflation-bomb-of-a-project-2025-agenda\/\",\"url\":\"https:\/\/democrats.org\/news\/donald-trump-wants-to-blow-up-the-deficit-with-his-inflation-bomb-of-a-project-2025-agenda\/\",\"name\":\"Donald Trump Wants to Blow Up the Deficit With His \u201cInflation Bomb\u201d of a Project 2025 Agenda - 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