In an interview with Bloomberg, former Treasury Secretary Jack Lew dismantles the new GOP tax plan signed into law by President Donald Trump that will leave the country with empty coffers and social services gutted.
Speaking with hosts Tom Keene and Jonathan Ferro, the former Clinton and Obama official — who headed up the Treasury Department after a stint as the Director of the Office of Management and Budget — was unrelenting in his demolition of the plan that disproportionately favors the wealthy over average Americans.
In short, he called it a “ticking time bomb.”
“It’s a ticking time bomb in terms of the debt,” Lew explained. “You cannot run a fiscal policy by spending trillions of dollars you don’t have at a time that the economy is doing well.”
“Fundamentally Democrats are in charge right now,” Lew stated. “It’s not realistic to look at Democrats to lead the way out of this. You have an administration that chose to make policy in a very one-party way, denying the Democrats any part of the conversation. Now you they can’t probably rally their own troops to the basic business of running the government. Making sure we don’t default on the debt, making sure children don’t get thrown off of health insurance.”
“What we’ve seen is a tax cut that spends money we don’t have to have very concentrated benefits for global corporations and the top 1 percent, and it’s leaving us broke and unable to deal with our fundamental problems,” he continued. “I fear that the next shoe to drop is going to be an attack on the most vulnerable in our society.”
“How are we going to pay for the deficit caused by the tax cut?” he asked the hosts. “We are going to see proposals to cut health insurance for 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.”
Watch the video below via Bloomberg: