Trump is set to release a spending budget proposal on Thursday which would immediately roll back a large number of programs and slash the federal workforce by historic amounts.
“This would be the first time the government has executed cuts of this magnitude — and all at once — since the drawdown following World War II,” economists and budget analysts said in a report from The Washington Post on Monday.
This budget “prioritizes the military and homeland security while slashing many other areas, including housing, foreign assistance, environmental programs, public broadcasting, and research. Simply put, government would be smaller and less involved in regulating life in America, with private companies and states playing a much bigger role.”
Democrats are already primed to fight the president’s budget proposals, and GOP members are worried about how much and how fast the slashing of federal jobs will be, according to the report. “The federal government is projected to spend $4.091 trillion next year, with roughly two-thirds of that going mostly toward Social Security, Medicare, Medicaid, poverty assistance and interest payments on the government debt. This spending is expected to be left untouched in the budget proposal next week.”
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Under President Trump’s proposal, the government will increase its military spending to $54 billion, allocate funds to start building the long-awaited border wall between the United States and Mexico, and embark on new initiatives designed to offer better access to alternative educational opportunities, including charter schools.
A preliminary budget document obtained by The Washington Post showed that some agencies will experience deep cuts, including:
- The Department of Housing and Urban Development’s budget by $6 billion, or 14 percent
- The Environmental Protection Agency’s staff could be cut by approximately 20 percent
- The Commerce Department’s budget could be looking at an 18 percent reduction in funding
Data from the Federal Reserve Bank of St. Louis showed that Washington currently employs about 2.8 million workers. According to the report, approximately “34 percent of those federal employees who are not in the military will qualify for full retirement benefits in 2020.”
During the Obama administration, federal spending rocketed to $3.5 trillion in 2010 and $3.6 trillion in 2011. “Those annual spending levels, combined with a weak economic recovery, amounted to 23.5 percent of U.S. gross domestic product, the largest percentage since 1946,” said the report.
H/T: The Washington Post
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Another HUGE jobs report validates Trump