Dem Rep Tim Ryan: GOP Tax Bill Will Trigger a Recession

Tuesday on MSNBC’s “Morning Joe,” Rep. Tim Ryan (D-OH) predicted the tax bill heralded by the GOP and passed by the Senate would “trigger” a “recession.”

Ryans said, “The fact that we’re borrowing $2.3 trillion primarily from China and bringing it back here to the United States and giving it to the wealthiest people in the country. Every year we’re going to be paying interest on the money we’re borrowing and you have to tie it into the context of what China is doing with their economy and military. They’re expanding their cyber capacity. They’re building islands in the South China Sea and doing infrastructure protects battery-powered cars, wind, solar. They’re racing to the new economy with American dollars, and we’re going to be owing them even more than we do now. I think that’s foolish. And I think we may have a sugar high in the short term. We’ll see the stock market go up and so on and so forth. But I think this could trigger a depression in the United States at some point….a recession, I’m sorry.”

He added, “There will be a $25 billion cut to the Medicare program which is going to affect Medicare recipients who are getting cancer drugs. I mean talk about hitting home. Look these entitlements and these health care programs, primarily Medicare and Medicaid. We have to deal with those issues of us having a very unhealthy country. We have half the country that has either diabetes or pre-diabetes. That in and of itself will sink the health care programs here in the United States. That’s part of a broader strategy we need to have in the United States that speaks to our food system, speaks to our agricultural subsidy system, speaks to what we feed our kids in our schools, how much sugar is put, additive sugar is put in all of these products that give these kids in our society diabetes. That’s the real strategy that we need to talk about, not just whacking Medicare so cancer patients can’t get their drugs.”

(h/t Grabien)

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