The hardcore MAGA budget just released by the Republican Study Committee – which represents a majority of House Republicans – amounts to a devastating attack on Medicare, Social Security, and Americans’ access to health coverage and prescription drugs.
The Republican Study Committee is taking aim at the Medicare benefits all Americans pay to earn by repealing the new power President Biden gave it to negotiate lower drug costs, to address rapid drug price increases, and to cap the price of insulin for Medicare beneficiaries.
They are also raising the retirement age for Social Security.
This is exactly what Republicans in Congress pledged not to do just months ago at the President’s State of the Union address.
Moreover, on top of these devastating cuts to programs middle class families rely upon, the Republican Study Committee wants to cut off tens of millions of Americans from healthcare coverage by slashing the Affordable Care Act and Medicaid, while ending critical protections for people with pre-existing health conditions.
Worse yet, House Republicans want to impose these disastrous cuts for hardworking families alongside massive tax cuts for the super-rich and big corporations. In fact, they’re proposing a total of $5 trillion in tax cuts skewed to the wealthy and big corporations – cutting taxes by at least $175,000 per year for the wealthiest 0.1 percent with incomes over $4 million.
President Biden is working around the clock to grow our economy by investing in America and the middle class – not the trickle-down economics that never actually trickle-down.
This extreme MAGA proposal invests in the super wealthy and the biggest corporations at the expense of hardworking families. It’s not just backward, it threatens all the economic progress the President has made over the last two and a half years to rebuild an economy that works for everyone