[yt_dropcap type=”square” font=”” size=”14″ color=”#000″ background=”#fff” ] W [/yt_dropcap]e don’t have all the details yet, but the broad outlines of Trump’s Budget Plan have already surfaced. As it was to be expected it enlarges the pie for the rich, for the military, for corporations, and shrinks it for the poor and the underprivileged.
The CDFI (Community Development Financial Institutions Fund), which is an arm of the Treasury Department created for the purpose of helping economically distressed places, has had its founding slashed to practically nothing.
The CDFI Fund’s budget of $258 million budget, then, is only a fraction of an already small portion of all federal dollars. It only costs about $0.79 taxation per American per year.
The CDFI Fund runs a number of different programs that encourage investment in poor communities around the country. For instance, the program has doled out $120 million in awards and assistance to various credit unions and loan funds through “Native Initiatives,” which helps Native Americans get a mortgage or a small business loan.
Another effort is the New Market Tax Credit Program (NMTCP), which provides tax credits to investors who provide capital organizations in low-income communities. Every $1 in tax credits generates $8 in private investment, and the program has helped create or save almost 200,000 jobs since 2003, according to the CDFI Fund.
In order to pay for increased military spending, the Environmental Protection Agency and the Internal Revenue Service will have their budget reduced. Foxes in charge of the chicken coops are well placed on top of those agencies. There will be little push back from them.
The overall purpose of those cuts is to eventually eliminate discretionary spending over the next decade to the tune of $ 10.5 trillion. The federal government spent $3.9 trillion in 2016, according to the nonpartisan Congressional Budget Office—about $600 billion more than it took in.
Mandatory spending, which includes entitlement programs and interest on the federal debt, consumed about $2.7 trillion. That means the largest share of government spending (69%) will be left alone. Discretionary spending accounted for the other $1.2 trillion, about $600 billion of which was spent on defense, which Trump wants to increase. The rest—roughly $600 billion, or 15% of all spending—is where the Trump administration is wants to draw blood.
The ultimate goal, however, is becoming more and more apparent: to cut entitlements such as Medicare, Medicaid, Social Security (programs that provide health care and monthly income to the nation’s poor and elderly) as Speaker of the House Paul Ryan has repeatedly declared, albeit Trump has promised not to touch them. It’s like having the cake and eating it too.
So much for concern for the poor and the disadvantaged, populism and the championing of fairness and equal opportunity. As the con-man of the art of the deal now occupying the White House has repeatedly proclaimed: “you will be happy.”
Comey treated in Thuggish Mafia Style by the White House
Trump’s Dumb Ideas for Economic Growth
[yt_dropcap type=”square” font=”” size=”14″ color=”#000″ background=”#fff” ] I [/yt_dropcap]f there’s an economic idea that Donald Trump and his economic advisers continually reiterate it is that slashing taxes inevitably leads to economic growth. Let’s see how true this idea is.
The Demeaning of the Office of the President
[yt_dropcap type=”square” font=”” size=”14″ color=”#000″ background=”#fff” ] C [/yt_dropcap]NN has recetnly reported that President Trump’s latest anti-media attacks “are beneath the dignity of the office of the President.” In an interview with Time magazine, Trump insulted CNN’s Chris Cuomo and Don Lemon and criticized MSNBC’s Joe Scarborough. He also called CBS late-night host Stephen Colbert a “no-talent guy.”
From October to October: Youth and politics in Thailand
When I think of the 6th and 14th of October, I think back to my years as an elementary school...
Rokeby Manor springs right from a fiction book
I visited Rokeby Manor in Mussoorie earlier this year. The property springs right out from a fiction book. Each room...
A New Turn to the Indo-French Relations
Hudson Institute’s researcher, Aparna Pande called France as “India’s new best friend” in 2019. Fast forward to present day, France...
From China, A Plan For The Future
On October 26, the fifth plenary session of the 19th Central Committee of the Communist Party of China opened in...
Global foreign direct investment halved amid pandemic, but China remained resilient
Foreign direct investment (FDI), a bellwether of globalisation and economic confidence, fell by 49 per cent to $399 billion in the...
To Better Address the COVID-19 Crisis, Niger Should Focus on Health Measures
According to the World Bank’s latest Economic and Poverty Update for Niger published today, the COVID-19 pandemic has a significant...
The 2000 Declaration on Strategic Partnership between India and Russia
On October 3, 2000, Prime Minister Atal Bihari Vajpayee and President Vladimir Putin cemented India-Russia bilateral ties with the signing...
Economy3 days ago
Financial Bubbles in the Coronavirus Era
Energy3 days ago
Nord Stream 2: Who Benefits From the Navalny Affair?
Reports3 days ago
Recession and Automation Changes Our Future of Work, But There are Jobs Coming
Eastern Europe2 days ago
Armenia: Lies and realities
Finance3 days ago
Going Digital is Necessary for Small Businesses to Survive
Defense2 days ago
How Mercenaries in Nagorno-Karabakh can destabilize the situation
Defense2 days ago
European defence still matters but not for Lithuania
Southeast Asia2 days ago
The Role of Malaysia in ASEAN