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வெள்ளி Jul 11 2025 07:45
2 நிமி
Audio generated by Koze Space.
Former U.S. Treasury Secretary Larry Summers has expressed strong disapproval of the comprehensive tax and budget bill signed into law by President Trump.
In a recent interview, Summers articulated his concerns about what he described as a "terrible blow" to the fiscal health of the United States.
"No economist without a clear political axe to grind would say that this bill is pro-economic," Summers stated. "And the overwhelming view is that it is more likely to make the economy worse."
The bill, passed recently in the House of Representatives and signed into law by Trump, aims to stimulate economic growth through aggressive tax cuts. However, economists, including the Congressional Budget Office, suggest it could add trillions of dollars to the budget deficit.
Summers echoed these concerns, expressing skepticism that the policies would boost the economy.
"How much longer can the world's largest debtor nation be the world's largest power?" he questioned. "And in dollar terms, this bill adds more debt to the economy than any tax legislation in our history."
Leading economists raised alarms even before the bill's passage. Nobel laureate economists, including Paul Krugman, Joseph Stiglitz, and Simon Johnson, published an open letter through the non-partisan Economic Policy Institute titled, "Reversed Priorities in the House Budget."
"The U.S. has a number of pressing economic challenges that need to be addressed, many of which require a higher level of national capacity to navigate – a capacity that will be undermined by massive tax cuts," the letter stated. "The House bill does not effectively address any of the nation’s key economic challenges and exacerbates many of them."
In contrast, the American Bankers Association lauded the bill, suggesting it could boost economic growth in the short term.
However, experts from the American Enterprise Institute, a center-right think tank, adopted a policy perspective similar to Summers, speculating that the U.S. is unlikely to see significant growth as a result of the bill.
This analysis provides different viewpoints on the tax law and its potential impacts. Listeners should conduct their own research and seek professional advice before making any financial decisions. The content is for informational purposes only.
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