Commentary

Ex-Obama Treasury secretary: Tax cuts ‘leaving us broke’

(THE HILL) Naomi Pagoda, January 4, 2017 — Former Treasury Secretary Jack Lew expressed concerns about the new GOP tax law’s impact on the debt, arguing that it is “leaving us broke” and could lead to cuts in social safety net programs.

“I fear that the next shoe to drop is going to be an attack on the most vulnerable in our society,” Lew said in a Bloomberg interview. “How are we going to pay for the deficit caused by the tax cut? You’re going to see proposals to cut health insurance from poor people, to take basic food support away from poor people, to attack Medicare and Social Security.”

“One could not have made up a more cynical strategy,” he added.

Source: thehill.com/policy/finance/367039-ex-obama-treasury-secretary-tax-cuts-leaving-us-broke