For years, House Speaker Nancy Pelosi has repeated a maxim that holds true: "Show me your budget, show me your values." Impeached president Donald Trump, and his chief enabler, Mick Mulvaney, have done just that with their proposed budget for fiscal year 2021, a proposal that maximizes profits for the military-industrial complex by maximizing pain for the people. It's as clear an expression of Trump's fascism as we've seen.
The budget is premised on a completely unrealistic forecast of 3% economic growth that underpins an estimated $3.7 trillion in revenue, compared to CBO and Federal Reserve projections of 2.2% and 2%, respectively. Leading economists agree on 1.8% projected growth. The proposal’s unrealistic projections provide the foundation for a bonkers budget—5% cuts to domestic spending and 0.3% increases in defense spending, breaking the two-year budget agreement the White House and Congress reached last year. Rep. John Yarmuth, a Kentucky Democrat who is chairman of the House Budget Committee, calls the proposal "destructive and irrational," hallmarks of the Trump-Mulvaney team. He condemned the proposed budget, saying that it targets "programs that help Americans make ends meet—all while extending his tax cuts for millionaires and wealthy corporations. […] Congress will stand firm against this President's broken promises."
While it leaves Medicare and Social Security benefits unscathed, it also cuts $130 billion in Medicare funding with drug pricing reforms that are likely to be borne by enrollees. That's not including the already planned cuts—which will be enacted through rule-making—to Social Security Disability Insurance and Medicaid, through block grants and work requirements. The administration calls this "savings." The resulting costs to the healthcare system and to the private economy in loss of work and spending power by lower-income people are ignored.
This budget is not going to be accepted by Congress, but it couldn't be a more clear statement of what Trump intends to do if he gets a second term.