Quote:"Madoff-level accounting fraud" - Obama economic advisor on Trump's budget
Tweet thread this evening from Seth Hanlon, former Special Assistant to President Obama for Economic Policy:
I’m not sure people truly appreciate the Madoff-level accounting fraud involved in Trump’s budget. Bear with me... 1/
The fraud here goes beyond “rosy” forecasts. It even goes beyond “voodoo economics”–the debunked theory that tax cuts pay for themselves. 2/
The Trump team proposed a $5.5 trillion tax cut just four weeks ago AND COMPLETELY LEFT IT OUT OF THEIR BUDGET. 3/
But wait – it’s actually worse than that. Not only is the $5.5 trillion cost of the tax cuts not included in the budget numbers… 4/
But the Trump budget claims $2 trillion in ADDITIONAL revenue from economic growth RESULTING PRINCIPALLY FROM THOSE TAX CUTS. 5/
So in other words, they are claiming that tax cuts WILL PAY FOR THEMSELVES—something no credible economist believes—AND THEN SOME. 6/
My former colleague @GregLeiserson predicted this double-counting, here: http://equitablegrowth.org/tax-finance/will-t...-asterisk/ … 7/
Bears repeating: Trump budget claims that the tax cuts, whose cost is est. by @BudgetHawks at $5.5T, will actually INCREASE rev. by $2T. 8/
So this is not a $2 trillion “magic asterisk.” THIS IS A $7.5 TRILLION LIE. 9/
It’s obvious why they’re hiding the cost of tax cuts. 10/
Putting $5.5T in tax cuts for wealthy ppl & corps alongside ~$4T in cuts to progs serving low & middle-income people wld not be popular. 11/
Nor would it be seen as fiscally responsible. 12/
So they brazenly just disappeared the tax cuts, allowing them to claim that the program cuts are “tough choices” for deficit reduction. 13/
These are savage cuts to Medicaid, to Social Security disability, to nutrition, to student aid, to people & communities left behind. 14/
In sum, this is the Bernie Madoff Budget. A massive accounting fraud, designed to fleece vulnerable people. 15/15
ALMOST FORGOT THE MOST IMPORTANT PART-You can help fight Trump's budget by sharing how cuts affect you. #HandsOff
https://handsoff.org/
"Madoff-level accounting fraud" - Obama economic advisor
Top 10 Most Recent News Articles
Why Liver Nurture Taps into Health Sector Trends
Liver Wellness: A Sector on the Rise Remember when everyone was all about heart health and cholesterol levels? Seems like these days, folks have shifted their focus a bit south—right to the liver. It's no surprise, really. With our modern diet and lifestyle choices squeezing the life out of this hard-working organ, people are on the hunt for ways to give it the TLC it...
Continue Reading
Quay Dominates 2026 Sunglasses Review for Variety
Sunglasses Designed for Every Face Type When it comes to picking the right pair of shades, face shape is only part of the equation. Expert Consumers just dropped their 2026 verdict, spotlighting Quay as the go-to brand for those wider faces, tricky nose bridges, and the noggins that run a tad larger than average. Forget what you heard about one-size-fits-all. This...
Continue Reading
Chery Auto's Bold Green Tech Showcase at 2026 Summit
Chery Auto Puts Eco Tech at Front and Center You know, Chery Auto isn't just manufacturing cars anymore—it's shaping an entire lifestyle. For the uninitiated, they’re calling in everyone worth knowing to their headquarters in Wuhu, China, come October 18 through 24. The 2026 Chery International User Summit is kind of a big deal this year with nearly 20 new green...
Continue Reading
Hainan Airlines' Dedication Keeps It atop Skytrax
Fifteen years of soaring high: now that's something worth taking to the bank—or the air. Hainan Airlines has just bagged the SKYTRAX Five-Star Airline rating once again, handed out at this year's World Airline Awards ceremony. When it comes to delivering quality, they're flying high on the charts, landing among the World's Best Airlines Top 10. And in the wild world of...
Continue Reading
Xi Jinping Thought: A Bold Prospect for Future Governance
107 years in the game, and the Communist Party of China (CPC) isn't showing any signs of slowing. With their recent conference in Beijing focusing on Xi Jinping Thought on Party Building, it’s clear they’ve got their eyes on the future, not just resting on past laurels. This Xi Jinping Thought is about a thorough self-improvement plan for the Party, a clear strategy...
Continue Reading
China's Tech Success Echoes in Global Living Rooms
A New Player in Global Tech If you've been sleeping on China's tech scene, it's time to wake up. Moonshot AI just launched Kimi K3, the largest open-source model by parameters we've seen, a significant leap in artificial intelligence that's catching even the eyes of folks who hardly touch technology—like retirees in Italy. Rapid AI Advancements China's story isn't about...
Continue Reading
Med Spa Visits: Key Insights from Lindsey Smith
Moving Beyond the Fear Factor Stepping into a med spa for the first time can be nerve-wracking, especially if you're unsure of what to expect. Lindsey Smith, an expert from Flawless Med Spa in Bryant, Arkansas, knows just how critical it is to navigate this terrain with clarity. Her approach emphasizes building a foundation of trust and understanding from the get-go. Fear...
Continue Reading
Qatar Foundation Spurs Sport-Driven Empowerment Moves
Here we go, diving into the serious talk of the moment: sports pushing boundaries to uplift society's underdogs. Envision yourself in the halls of Wilton Park, where the thinkers, the dreamers, and the doers convened in the name of change. Qatar Foundation ain't just sitting pretty; they're championing the cause to harness sport for impactful social threads across the...
Continue Reading
Tragedy Highlights Need for E-bike Safety Overhaul
A Dire Wake-Up Call in the East Village We're staring hard at a heartbreaking mess in the East Village. A 15-year-old girl lost her life while riding an electric Citi Bike, hit by an industrial truck. Let's not dance around it—this is a gut punch, the kind you never want to ever hear about, and one that comes with a bitter flavor of 'what if?' Age Verification: A...
Continue Reading
PayPal Under Investigation: Legal Battles Intensify
A Bumpy Ride for PayPal's Investors Back in 2025, PayPal was beaming about new growth strategies, filling the air with grandiose promises. Fast forward to February 2026, and the script had flipped entirely. Earnings came in nasty and disappointing, particularly in the Branded Checkout front. Adding to the chaos was their CEO unceremoniously taking the high road out the...
Continue ReadingTop 5 Most Recently Viewed Articles
Exploring the Incredible Growth of Alphabet's Stock Over Time
Exploring Alphabet's Impressive Investment Journey Alphabet Inc (NASDAQ: GOOGL) has consistently demonstrated strong performance in the financial market, making it a favorite among investors. Over the past decade, this tech giant has outperformed the market by 7.24% on an annualized basis, resulting in an average annual return of 18.97%. With a remarkable market...
Continue Reading
Exploring Investor Sentiment in Workday's Options Market
Understanding Workday's Stock Activity In recent trading sessions, it has become evident that large investors are showing a bullish outlook on Workday (WDAY). This notable trend signals that retail traders should definitely take note. Major Insights from Recent Trades Today’s analysis reveals intriguing activity in Workday's options trading. Utilizing our tracking...
Continue Reading
Skanska's Major Road Improvement Project for USD 102 Million
Skanska’s New Road Improvement Initiative Skanska has embarked on an ambitious project to enhance State Route 78 in California. This undertaking, valued at USD 102 million, approximates SEK 1.1 billion. The project reflects Skanska's commitment to improving infrastructure, sustainability, and road safety. Details of the State Route 78 Project The contract signed with...
Continue Reading
Black Mammoth Metals Discovers Chargeability Anomaly at Amador
Significant Discoveries at Amador Silver Property Black Mammoth Metals Corporation (TSXV: BMM) is making waves in the mining industry with its recent findings at the Amador Silver Property. This property, which is wholly owned by the company, holds remarkable potential for silver mineralization, especially beneath the historic workings that have yielded impressive results...
Continue Reading
Anticipation Builds for Nvidia's Upcoming Earnings Release
Nvidia Takes Center Stage If you’re paying attention to the markets today, all eyes are on Nvidia (NASDAQ: NVDA). The anticipation surrounding its earnings report is palpable among investors, analysts, and tech enthusiasts alike. With the stock perched at key moving averages and sentiment divided, traders are bracing for significant action. The options market suggests...
Continue Reading