Zoom In/Zoom Out: Big Tech's MAGA Takeover, Taxes and Deficits
There’s always a lot going on in Washington. Often, there is a clear “lead story” of the day that’s dominating the headlines and TV news rundowns. In this recurring post, I’ll Zoom In on something that deserves more attention, and Zoom Out on a big story of the day to step back from the buzz and look at the bigger picture. — Jared
ZOOM IN: The influence of Big Tech and other tycoons in the Trump administration — and why even MAGA should be wary
In this piece by Sohrab Amari, it’s noteworthy that even writers who embrace aspects of President Trump’s agenda are urging the public — including Trump’s voters — to be wary of the influence powerful elites are having on the administration.
Sohrab focuses on efforts to undermine or effectively shutter the Consumer Financial Protection Bureau and the National Labor Relations Board — moves that prop up Big Tech at the expense of working-class Americans.
Trashing these agencies would do nothing to address the structural power imbalances which bedevil Trumpian America and which compelled it to vote for him in the first place. On the contrary, it would exacerbate the imbalances. A regulation such as the CFPB’s anti-debanking rule is the best defence against people being arbitrarily cast out of the financial system, whether it’s over a belief that there are only two sexes or 107 genders. Likewise, collective bargaining, upheld by the NLRB, gave rise to the American middle class and such blessings as paid vacation time, health insurance, disposable income, and, yes, a measure of protection for what workers think and say off the job.
Is it not telling that, say, Jeff Bezos — who, three years ago, marched at the forefront of corporate America’s Black Lives Matter column — has now joined the anti-woke ranks? Is it not obvious why the Amazon boss, notwithstanding his ownership of an anti-Trump #Resistance newspaper, The Washington Post, has teamed up with Musk in challenging the existence of America’s basic labour law? Does anyone believe that Zuckerberg has undergone a profound change of heart about online censorship, now that a new administration is prepared to remove barriers against his power in the name of owning the woke?
ZOOM OUT: On reconciliation, the story isn’t politics or process. It’s taxes and deficits.
The House GOP majority is razor thin and a slew of new leaks about negotiations and intra-Republican disagreements on the path forward for government funding, border security, and the debt ceiling are published or tweeted every day.
Zoom out and one issue looms over everything: The expiration of the deficit-financed Tax Cuts and Jobs Act. If Congress extends the full bill, it will cost $4.6 trillion dollars over 10 years. A large chunk of that price tag will pay for tax cuts for the wealthy. Meanwhile, In 2024, the United States spent $882 billion on interest costs to service the national debt — 25 percent more than the debt servicing cost just one year earlier. We spent more on interest payments than on education, veterans, and transportation combined.
Congress should let tax cuts for the wealthy expire and find budget-neutral ways — a combination of new revenue and spending cuts — to cover a targeted extension of TCJA’s tax benefits for working- and middle-class Americans.
Blue Dogs are leading the charge on tax fairness and fiscal stability. Check out our recent letter to GOP leaders.
—
Sign up for Rep. Golden’s newsletter to get more regular updates on his work for Maine’s 2nd Congressional District. Have feedback on these updates? Comment below or get in touch.
I read the Washington Post piece where you spoke about trying to cooperate with the current administration. I believe you stated that we just cannot continue to say no to everything. Well, I understand where you are coming from, the difference here is the person we’re dealing with with. Trump has no conscience,no empathy, no understanding. I believe no matter how well intentions you are and how this would be common sense in a normal situation, you are not dealing with a normal person. Trump does no studies, takes no advice, does not look at the history of the work of the department or organization, and simply acts on instinct. And every instinct is detrimental to the American people. I don’t believe you can reason with sociopath.
As a Mainer who is retired from NASA/NSF and spends winters in DC on Capitol Hill I am dismayed that Congress has rolled over on its back and is letting the felon and the acting president, Musk, destroy our constitutional checks and balances. Thank you Jared for doing what you have been doing. You and your colleagues need to keep the pressure on.