As the Trump administration prepares massive cuts to public education, affordable health care, clean air and water, and family-sustaining jobs, progressive Democrats provided an alternative processive budget for fiscal year 2018.
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"The People’s Budget - A Roadmap for the Resistance," released by the Congressional Progressive Caucus, CPC, the largest caucus within the House Democrats, could “put the United States on a path to a fairer, more equal economy,” according to an analysis by the Economic Policy Institute.
The analysis found The People’s Budget would boost the economy with a 2 percent growth in GDP and 2.4 million new jobs over the first two years of its implementation. At the same time, it would bring unemployment down to 4 percent and reduce the deficit in 2019 and beyond.
“The People’s Budget is focused on both short- and long-term economic objectives,” the Economic Policy Institute report said. “In the short run, The People’s Budget targets a rapid and durable return to genuine full employment through the use of expansionary fiscal policy. In the long run, The People’s Budget pushes back on decelerating productivity growth by making necessary and sustained public investments.”
The budget proposed US$2 trillion investment in infrastructures within energy, water and transportation systems. In social security, it ensures families have access to affordable high-quality health care, child care and early education for their children. Tax credits, emergency unemployment benefits and other programs would be expanded to help those left out of the current recovery.
“Increased public investment in infrastructure, child care, and green manufacturing would create jobs and lead to a more equal economy,” Economic Policy Institute budget analyst Hunter Blair said.
The budget also prioritizes raising adequate revenue to meet budgetary needs while restoring fairness to the tax code, strengthening social insurance programs, and ensuring long-run fiscal sustainability.
“The Republican agenda drastically cuts federal protection for working families, the environment and our health care, while giving massive tax cuts to big corporations and bloating the military budget beyond belief,” CPC said on its website, while The People's Budget "puts political and economic power back in the hands of the people.”