If you want to balance the budget, rule out tax hikes, mostly keep the defense budget, and avoid Medicare/SS, your only option is to eviscerate the relatively small portion of the budget devoted to anti-poverty
Vought calls this ending “woke and weaponized” government
One challenge for Vought is that the debt exploded under his tenure as director of the budget — Trump repeatedly overruled the deficit hawks in his administration to cut deals with Democrats
Whether Trump really agrees with Vought’s vision on spending is … murky at best
One striking example of what Vought wants: To eliminate the Public Service Loan Forgiveness program, created to encourage graduates to pursue public service
Vought writes this is taxpayer $ for “the woke bureaucracy”
A problem for someone like Vought is some GOP lawmakers believe in various parts of the federal government
The response seems to be to try to cast it as “woke” to polarize the GOP against it
So here Vought pushes cutting the DOJ budget bc it serves a “woke religion”
The Department of Health and Human Services? Also “woke,” Vought says
Vought budget —>
NASA = woke, must be cut
HUD = woke, must be cut
Economic Development Administration = “hyperwoke,” must be cut
VA = “replete with woke ideology”
The word woke is used 77 times in his 104-page document
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— 73% of workers report being happier w/ their lives
— 40% reported fewer sleep problems
— 64% drop in quitting, 71%
drop in reported burnout
— 92% of firms say they’ll continue 4 day week after trial
— No drop in wages in trial
Nearly 3,000 employees took part in the pilot, which was organized by the advocacy group, 4 Day Week Global, in collaboration with the research group, Autonomy, and researchers at Boston College and the University of Cambridge
Of the 61 companies (and their 2,900 workers) who participated in the study, these are the results of who will maintain the reduction in work hours on a permanent basis:
Thinking behind 1 is obvious:
— Can’t reward GOP for taking US economy hostage. Bad precedent
— Ds actually did well in midterms (Senate gains, eg)
— Substantive opposition to spending cuts
— Belief in political upside for hammering GOP for wanting Social Security/Medicare cuts
2 more complicated but:
— Concern uncertainty will wreak havoc w/ Treasury auctions
— Havoc could lead to spike in borrowing costs & undermine US dollar
— SCOTUS could nullify & put WH in weaker position
Maybe will get a new look if on the other side of X Date — but not for now
I asked @rohangrey & @NathanTankus — 2 of the leading theorists behind the “Mint the $1 Trillion Coin” idea — about some of the concerns I’d been hearing from those close to the White House about their plan Their responses, shared w/ permission, are worth reading
Scoop: Biden will nominate Daniel Werfel to be the next commissioner of the Internal Revenue Service, 3 sources familiar with the matter tell The Washington Post
@TonyRomm Sources say @jdcmedlock may be in line to be the commissioner of IRS memes in 2023
The IRS commissioner under George W. Bush tells me: “This is a very good appointment. Werfel is an experienced executive who understands the service and helped out at a critical period in 2013," following the Lois Lerner controversy