The Congressional Budget Office's analysis reveals that the proposed reconciliation bill, termed the "One Big Beautiful Bill Act," is expected to result in substantial cuts to Medicaid, leading to an estimated 15 million people losing health care coverage. More significantly, the bill is poised to redistribute wealth, causing the poorest 10% of households to suffer a 4% decrease in resources, while the richest 10% could see up to a 4% increase. Overall impacts project a $3.8 trillion increase in the federal deficit over the next decade, highlighting the adverse effects on low-income individuals and the potential exacerbation of economic inequality.
The Congressional Budget Office estimates that at least 15 million people would lose health care coverage due to cuts in the bill's Medicaid funding.
According to the CBO report, the bill would redistribute wealth, decreasing resources for the poorest while increasing them for the richest, ultimately adding $3.8 trillion to the deficit.
The analysis reveals a stark contrast in impact: the poorest 10% face a projected 4% decrease in household resources, whereas the richest 10% could see an increase.
This redistribution of wealth arises from significant cuts to welfare programs and tax breaks favoring high-income households, exacerbating economic inequality in the US.
Collection
[
|
...
]