Trump’s Austerity Politics

If a government’s finances, as economist Joseph Schumpeter once wrote, strip away rhetoric to lay bare the true “spirit” of a people, then President Donald Trump’s first full budget proposal reveals a nation that is bombastic and fearful, grandiose and uncertain. Regardless of what actually makes it through Congress, the suggested cuts—$616 billion from health insurance for the poor, $140 billion from student loans, more than $190 billion from food stamps—outline a vision of...

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