(National Sentinel)Â Lame: Former Obama Treasury Secretary Jack Lew has been critical of the tax cuts and reform legislation recently passed by the GOP Congress and signed by President Donald J. Trump, claiming that they will put the country in economic dire straights.
As reported byÂ The Hill, Lew made some dire predictions, claiming the cuts are “leaving us broke” and may lead to reductions in entitlement spending at some point.
“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,” he predicted.
“One could not have made up a more cynical strategy,” said Lew, who led the Treasury Department during Obama’s second term.
Critics immediately pounced on Lew’s comments, noting that during Obama’s eight-year tenure, he and the Treasury Department doubled the U.S. national debt, from roughly $10 trillion in 2009 to roughly $20 trillion by the time Obama left office.
“One government report shows the Obama debt increase an astounding $9.5 trillion,”Â The Gateway PunditÂ reported.
President Donald J. Trump inherited about $19.95 trillion in debt from Obama. The debt has increased about $540 billion during Trump’s first year, which is about one-third of the amount of debt Obama added during his first year.
Supporters of Trump’s policies point to his cutting of regulations as a primary economic stimulus which has grown GDP more than 3 percent for the final two quarters of 2017, the first period of two-quarter 3-percent growth in more than a decade.
Republicans say the tax cuts will further enhance economic growth and thus help lower the deficit by raising government revenues.
Also, Republicans are looking at entitlement reforms this year, which would further reduce federal outlays and debt.
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