Former Treasury Secretary Larry Summers said Sunday on ABC’s “This Week” that the “Big, Beautiful Bill” made him “embarrassed” for his country on the Fourth of July.
Summers said, “What your people have been describing is the biggest cut in the American safety net in history. The Yale budget lab estimates that it will kill over ten years 100,000 people. That is 2,000 days of death like we’ve seen in Texas this weekend. In my 70 years, I’ve never been as embarrassed for my country on July 4.”
He added, “These higher interest rates, these cutbacks in subsidies to electricity, these reductions in the availability of housing, the fact that hospitals are going to have to take care of these people and pass on the costs to everybody else, and that’s going to mean more inflation, more risk that the fed has to raise interest rates and run the risk of recession, more stagflation. That’s the risk facing every middle-class family in our country because of this bill. And for what? A million dollars over ten years to the top tenth of a percent of our population. Is that the highest priority use of federal money right now? I don’t think so. This is a shameful act by our Congress and by our president that is going to set our country back.”
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