Latest news with #SteveRattner
Yahoo
07-07-2025
- Business
- Yahoo
Economic analyst blasts Trump's ‘unprecedented' megabill: Americans will be ‘worse off'
'Morning Joe' economic analyst Steve Rattner warns that Donald Trump's 'unprecedented' spending package will take the United States in the 'wrong direction.' On Monday morning, the former Obama-era Treasury official pulled out a set of new charts to break down the president's 'big, beautiful' bill and the devastating effects he said it will have on everyday Americans. Initially, according to Rattner, people might not feel the true cost of Trump's legislation: 'All the good stuff takes effect now. People are going to get these increases in their standard deduction and their Child Tax Credit. The Social Security Administration has already sent out a letter to Social Security recipients saying, 'you're going to get a big tax windfall from this bill.' So they're already out there marketing this.' 'The bad stuff doesn't take effect, for the most part, until after the '26 midterm elections,' Rattner continued. '[Republicans] staggered this stuff in a way that could work to their political advantage, or at least less political harm.' Part of the 'bad stuff' packed into the megabill, according to the analyst, is how Republicans' drastic Medicaid cuts could kick 11 million people off their insurance over the coming decade. 'This is unprecedented in our history. We've always moved forward, not backwards,' Rattner said. Rattner then moved on to what he said was the most important chart of his presentation, which showed how Trump's bill would deliver tax cuts to the rich at the expense of low-income Americans. 'If you're in the top 20% of the country, you're going to get an average $6,000 benefit,' Rattner explained, as he pointed at a large green arrow. 'If you go down here to the bottom 20%, what do you see? These people are actually going to be worse off.' 'They get a very small tax cut, but it is completely, wildly offset by what they lose from Medicaid cuts, from food stamp cuts, from other cuts, and so they end up actually $560 worse off,' he explained. Rattner said the projections are unlike anything he had seen before. 'In 50 years of watching economic policy, I have never seen a package that was so regressive, that did so much to take money from the poor, give it to the rich. This is unprecedented in our history. It is the most amazing piece of social legislation — in the wrong direction — that we have ever seen.' You can watch Rattner's full analysis in the clip at the top. This article was originally published on
Yahoo
26-06-2025
- Business
- Yahoo
Economic analyst on alarming new data: 'Not the direction you want to be moving in'
The latest charts from 'Morning Joe' economic analyst Steve Rattner are in, and the new data could signal trouble ahead for Donald Trump's economy. On Thursday morning, Rattner, a former Obama-era Treasury official, broke down the latest projections from the Federal Reserve. As his chart showed, the Fed now expects gross domestic product growth of 1.4% in 2025, down from its previous projection of 1.7%. 'This happens to match a World Bank number that came out a couple of weeks ago — two very impartial forecasters,' he added. 'So in Year 1 of Trump, we are going to grow, at least on track to grow, exactly half of what we grew in the last year of Biden,' Rattner said, noting the U.S. economy grew 2.8% in 2024. The Fed also said it expected slightly higher unemployment in the year to come: 'It's now at 4.2, they think it's gonna go to 4.5% by the end of the year,' Rattner said. Inflation appears to be following a similar trend, going up to 3.0% this year from the Fed's last projection of 2.7%. Overall, Rattner said he believed the numbers painted a troubling picture for the U.S. economy: 'I don't want to necessarily pronounce stagflation, but when you're moving towards slower growth, more unemployment and somewhat higher interest rates, that is not the direction you want to be moving in.' 'Yeah, warning lights starting to flash. No doubt about it,' said 'Morning Joe' co-host Jonathan Lemire. Rattner also walked through some worrying news for recent college graduates. Citing data from the Fed, one chart displayed a 5.8% unemployment rate for the group, which he said was 'substantially higher than the U.S. average.' 'Why is that? We don't, of course, exactly know,' Rattner continued. 'There's talk that companies are starting to cut back on their hiring because of the economic uncertainty, the tariffs, whatever.' Rattner said it's important to put those numbers into context against the 'changing set of views around the U.S. job market.' 'We talk a lot about manufacturing jobs; there are actually 400,000 unfilled manufacturing jobs in this country at the moment,' he explained. 'And you have people saying jobs aren't plentiful. I think it's actually really clear Americans don't want to go back into factories.' Lemire agreed with Rattner's analysis, adding, 'That's one of the points that critics have made when they suggest that President Trump's tariff plan to build back manufacturing may be flawed.' You can watch Rattner walk through the latest numbers in the clip at the top. This article was originally published on
Yahoo
10-06-2025
- Business
- Yahoo
Letter: Legislation before Senate would cause serious damage
Economic analyst Steve Rattner explained clearly why President Donald Trump's 'big beautiful bill' will increase our deficit by trillions of dollars over 10 years. The obvious problem is there are not enough things to cut to pay for the irresponsible tax cuts and spending. Cutting Medicaid, law enforcement, environmental protection, medical research, international assistance, education and transportation will not balance Trump's plan by a long shot. The resulting debt is trillions of dollars greater than our total economy. This bill is the largest since spending on World War II. During the period of huge tax cuts, overwhelmingly benefiting wealthy Americans, from George W. Bush's administration in 2001 through Trump in 2025, there was gross fiscal irresponsibility by Republicans and Democrats. It is unsustainable. This bill is a gimmick to again benefit a few over the many. It will not pay for itself as Trump boasts. The House passed the bill along party lines. Contact Sens. Dave McCormick and John Fetterman to vote against this damaging bill. Our children and grandchildren will be paying for this selfish irresponsibility for generations. James Frank Lower Alsace Township
Yahoo
08-05-2025
- Business
- Yahoo
Steve Rattner: Groceries went up faster under Trump than Biden
Morning Joe economic analyst Steve Rattner fact checks 'the number of lies' Donald Trump told during his 'Meet the Press' interview.
Yahoo
11-04-2025
- Business
- Yahoo
'We have a massive fiscal problem': Steve Rattner on Trump-backed budget blueprint
On Thursday, the House passed the Senate's version of the overall budget framework that will help determine the outcome of the efforts by President Trump and Republican legislators to implement their plans for tax and spending reductions. Morning Joe economic analyst Steve Rattner discusses
