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deficit
‘Disgusting’: Trump’s Top Economic Adviser Brags About Killing 300,000 ‘High-Paying’ American Jobs
"Everybody is hurt by what he's celebrating," one public employee union official told Common Dreams. "I guess it's just par for the course from this administration, but it's still a disgusting thing to hear."
Apr 10, 2026
President Donald Trump's top economic adviser boasted on Fox Business Thursday that the government had slashed more than 300,000 "high-paying" jobs from the federal payroll during the president's first year back in office.
Asked by anchor Maria Bartiromo about the administration's efforts to cut government spending, National Economic Council Director Kevin Hassett said it had made "a huge amount of progress."
"I think the biggest thing that we can point to is that we've cut government employment by 300,000 workers," he said. "Those are jobs that are very high-paying that are gone forever."
He claimed the cuts reduced government spending by "an unthinkable amount of money," perhaps $1 trillion over the next ten years.
He also said that the administration "reduced the deficit last year by $600 billion" through a combination of higher-than-expected economic growth, tariff revenues, and "supply side effects" of Trump's massive tax cut, which mostly benefited the wealthiest Americans while gutting the social safety net.
Dean Baker, a longtime collaborator of Hassett’s despite their opposing political beliefs, wrote on social media that Trump’s economic adviser was dramatically exaggerating the deficit reduction that occurred during the administration's first year.
According to the Congressional Budget Office (CBO), the deficit was about $1.8 trillion for fiscal year 2025, just $41 billion less than the previous year and $56 billion lower than the $1.9 trillion deficit CBO projected in its most recent baseline.
"In the real world, the deficit fell... less than one-tenth of what Kevin claims," Baker said.
Trump has touted the layoffs of hundreds of thousands of government employees from their "boring federal jobs" as one of his crowning achievements.
Among the agencies hit by mass layoffs were the Department of Veterans Affairs, where more than 12,700 employees got the axe; the Department of Health and Human Services, which lost more than 14,400 workers; the Social Security Administration, whose staff shrank by more than 6,600; and the Environmental Protection Agency, which lost more than 4,000 employees.
Jacqueline Simon, policy director at the American Federation of Government Employees (AFGE), the largest labor union representing federal workers, told Common Dreams that even if slashing jobs did reduce the deficit as Hassett claimed, the harm far outweighs any such benefit—not only for the fired employees, but for the millions of Americans who depend on services they provide.
"When you say 300,000 jobs, it is a nice round number, and you link it to deficit reduction, which he was lying about," Simon said. "The fact of the matter is, the disappearance of those 300,000 jobs means degraded healthcare for our veterans; slower or nonexistent service at the Social Security Administration for the elderly and disabled who rely on Social Security for their income; and the elimination of huge swaths of the Environmental Protection Agency (EPA) that help ensure we have clean air to breathe and clean water to drink."
"You have federal prisons absolutely overwhelmed by too many inmates and too few corrections officers, endangering public safety," she continued. "Consumer product safety has been eviscerated. There are also serious public health concerns involving substance abuse, childhood nutrition, and vaccinations."
She decried Hassett's comments as "ignorant" in light of his false claims about deficit reduction, but also "just demonstrably pretty cruel and disdainful" given the impact these job losses have on individuals, families, communities, and society as a whole.
"It's cruel," Simon said, "not only on the people who held those jobs—about a 100,000 of whom are military veterans—but the impact of the disappearance of those jobs also falls on children, the elderly, anybody who consumes agricultural products, breathes air, or relies on clean water."
"Everybody is hurt by what he's celebrating," she added. "I guess it's just par for the course from this administration, but it's still a disgusting thing to hear."
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'As Expensive as It Is Cruel': CBO Says Trump-GOP Budget Law Will Explode Deficit by $4.1 Trillion
"It's a disgraceful law that forces working families to pay the price so the ultra-rich can profit," said Rep. Brendan Boyle.
Aug 05, 2025
The nonpartisan Congressional Budget Office on Monday said the Republican budget package that President Donald Trump signed into law last month will push up interest rates and add at least $4.1 trillion to the deficit over the next decade—largely due to the measure's massive tax cuts for the rich and large corporations.
According to the CBO, growing interest payments on the national debt will account for $718 billion of the estimated $4.1 trillion total deficit increase. Economist Josh Bivens has noted that it would cost the federal government $4.1 trillion to send a $12,000 check to every adult and child in the United States.
If temporary tax provisions of the highly regressive Trump-GOP law are made permanent, the estimated deficit impact would soar to nearly $5 trillion, CBO Director Phillip Swagel—a Republican—wrote in a letter to Sen. Jeff Merkley (D-Ore.) on Monday.
"Each and every analysis from the nonpartisan Congressional Budget Office continues to show the same result regardless of how you look at it: this bill explodes the debt by trillions of dollars to fund tax breaks for billionaires," Merkley, the top Democrat on the Senate Budget Committee, said in a statement. "Republicans can't spin the fact that this bill is bad policy that kicks more than 15 million people off of their health insurance, will force millions of kids to go hungry, and explodes the national debt by $5 trillion over the next 10 years—pushing the cost of this bill onto future generations to ensure billionaires can pay less in taxes."
"It is the height of hypocrisy coming from the party that claims to be fiscally responsible," Merkley added.
The deeply unpopular Republican law includes the largest cuts to Medicaid and federal nutrition assistance in U.S. history, alongside major handouts to profitable corporations—including oil and gas firms, pharmaceutical giants, and tech companies.
Zion Research Group estimates that 369 companies in the S&P 500 are set to reap a combined $148 billion in cash tax savings this year as a result of the Trump-GOP law, which extends tax breaks in Republicans' 2017 Tax Cuts and Jobs Act. Just four companies—Amazon, Meta, Alphabet, and Microsoft—are expected to rake in 38% of the $148 billion total.
The poorest 40% of Americans, meanwhile are set to see their taxes rise next year under the Trump-GOP bill, mostly due to Republican lawmakers' refusal to extend Affordable Care Act tax credits.
Wow, Amazon, Microsoft, Meta, and Google are getting 38% of the total cash savings from the part of Trump’s tax law going to corporations. That’s $15.7B to Amazon alone! https://t.co/l9AZth20RJ pic.twitter.com/XFVekRmrrp
— Matt Stoller (@matthewstoller) August 5, 2025
Rep. Brendan Boyle (D-Pa.), the ranking member of the House Budget Committee, said the new CBO analysis "yet again confirms Republicans' Big Ugly Law is as expensive as it is cruel."
"It explodes the deficit by over $4 trillion to pay for massive tax breaks for billionaires, while ripping healthcare and food assistance away from millions of Americans," said Boyle. "It's a disgraceful law that forces working families to pay the price so the ultra-rich can profit."
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Trump Treasury Pick's Economic Plan Would 'Require Massive Cuts to Anti-Poverty Programs': Analysis
Scott Bessent's "3-3-3" agenda "requires brutal cuts to health and nutrition and higher costs for families at the grocery store," said analysts at the Center for American Progress.
Jan 16, 2025
At his confirmation hearing on Thursday, hedge fund manager and U.S. treasury secretary nominee Scott Bessent told the Senate Finance Committee that at the helm of the Treasury Department he would usher in an "economic golden age."
But a report by two policy analysts details how Bessent's signature "3-3-3" plan would only be achievable by gutting programs for some of the nation's most vulnerable households—extending the "golden age" only to wealthy people and corporations for whom the Trump administration plans to slash taxes.
At the Center for American Progress, senior director of economic policy Brendan Duke and senior director of federal budget policy Bobby Kogan completed "the accounting to determine what it would take to achieve" Bessent's 3-3-3 agenda, particularly his plan to cut the federal budget deficit down to 3% of the gross domestic product (GDP). The plan also calls for real GDP growth to reach 3% and the production of 3 million barrels of oil by 2028.
While reducing the budget deficit and simultaneously protecting programs American families rely on is a "laudable goal," wrote Duke and Kogan, Bessent has "explicitly stated that extending the expiring 2017 tax cuts is a priority, and he would likely rule out tax increases on the wealthy to pay for them"—suggesting that the Treasury nominee's 3-3-3 agenda would require new taxes on imported goods and "massive cuts to anti-poverty programs."
The Congressional Budget Office has projected that the budget deficit will represent 5.8% of the nation's GDP in 2028.
"The president-elect is stacking his cabinet with one goal in mind: more tax breaks for his billionaire boys club and major corporations."
With Bessent proposing an extension of the 2017 tax cuts—which are projected to grow the budget deficit by about $4 trillion over a decade—the elimination of Inflation Reduction Act energy investments, and a pause on nondefense discretionary spending increases, said Duke and Kogan, Bessent's plan would "actually increase the projected 2028 budget deficit from 5.8 to 6.0% of GDP, or $1 trillion above the 3% target.
Without any cuts to Medicare and Social Security—which Trump has said he would exempt from cuts—or defense spending, says the analysis, Bessent's deficit target would require both:
- A 20% tax on all imported goods and a 60% tax increase on imports from China, costing the average family between $2,200-$3,900, and
- Cutting the federal budget by nearly $500 billion in 2028 alone, which couldn't be done without a 31% cut to spending including Medicaid, the Supplemental Nutrition Assistance Program (SNAP), and veterans' compensation and pensions—on top of Bessent's 6% cut to nondefense discretionary spending.
"The combination of policies that would deliver the deficit reduction proposed in Bessent's 3-3-3 economic plan would raise taxes on low- and middle-income families and gut healthcare, nutrition assistance, and veterans' programs while still cutting taxes for the wealthy," wrote Duke and Kogan. "Such a plan would hike families' costs both because broad-based tariffs would increase prices and because Americans would have to pay more for healthcare and food due to cuts to federal programs that help lower the cost of living."
With families across the U.S. facing "brutal cuts to health and nutrition" and higher prices at the grocery store under Bessent's plan, said Duke, the wealthiest households would still get "a net tax cut."
At The Washington Post, columnist Catherine Rampell wrote that "the magnitude of cuts required to make Bessent's arithmetic work is breathtaking."
"If you add up all the tax-cut promises Trump made during his campaign, the budget hole swells to almost $10 trillion," wrote Rampell. "To compensate, government programs would have to shrink by two-thirds. Alternatively, Trump could raise taxes on the middle class. Pick your poison."
On social media, government watchdog Accountable.US denounced Bessent's defense of Trump's tax cuts—under which "the top 1% saw benefits nearly three times larger than families in the bottom 60%"—and of the president-elect's proposed tariffs, which leading economists say would "reignite" inflation.
"Scott Bessent's nomination isn't about helping American families," said the group. "It's about lining the pockets of the ultra-wealthy and doubling down on policies that hurt the middle class."
Meanwhile, critics of Bessent on Thursday pointed to new reporting from Politico that Senate Democrats have accused the Treasury nominee of dodging $910,182 in Medicare taxes for income he made through his hedge fund from 2021-23. A memo circulated by Democrats stated that Bessent argued that as a "limited partner" in his fund, he was not liable for taxes on certain income.
Sen. Ron Wyden (D-Ore.) addressed the memo at Bessent's hearing, saying: "Like a number of Wall Street fund managers, Mr. Bessent makes use of a tricky legal maneuver to opt out of paying into Medicare."
"The billionaire hedge fund manager Trump handpicked to oversee a massive tax giveaway for the ultra-wealthy doesn't pay his own taxes," said Lindsay Owens, executive director of Groundwork Collaborative. "It's almost too on the nose. The president-elect is stacking his cabinet with one goal in mind: more tax breaks for his billionaire boys club and major corporations."
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