Third Way Statement on Trump's "Budget of American Decline"

May 23, 2017

WASHINGTON—Third Way issued the following statement from Gabe Horwtiz, Vice President for the Economic Program:

"As many others have noted and as we warned last week with a leaked version, Trump’s proposed FY 2018 budget is monstrously cruel—it would leave our most vulnerable citizens literally out in the cold. But we’ve focused on another disastrous consequence: this is a budget of American decline.

"America will decline if we push down towns across the country by cutting Community Development Block Grants. It will decline if we slash funding for the Small Business Administration and our nation’s entrepreneurs. It will decline if we eliminate initiatives to revitalize American manufacturing like the Manufacturing Extension Partnership. And this budget decimates American innovation across the board. Discretionary funding for the National Institutes of Health is set to drop by a fifth, and the National Science Foundation by a tenth. The reductions to energy technology investments are massive: Trump reduced renewable energy, energy efficiency, and green transportation development programs to nearly a quarter of what they were in 2017. Grants for oceanic research, updated community learning centers, and healthcare quality improvements are gone altogether.

"These changes, combined with literally trillions of dollars in needless tax cuts for the wealthy, demonstrate that Trump and his advisors have at best a tenuous understanding of investment economics and at worst a malicious intent to Make America Fall Behind. As we have written, the American private sector cannot compete against entire nations for investments in innovation. The idea that individual or even corporate financiers can carry American advancement forward on their own is a myth, and a dangerous one. Unfortunately for the American people, it seems that the Trump Administration has gone all in."

Press Contacts

Ladan Ahmadi

Senior Media Relations Manager

202-384-1718

lahmadi@thirdway.org

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