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Summers: 'This is The Biggest Cutback in the US Social Safety Net in History'

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July 27, 2025

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Bloomberg

President Donald Trump’s “One Big Beautiful Bill” delivers sweeping tax cuts while slashing Medicaid and the social safety net - changes that Former US Treasury Secretary Larry Summers warns could lead to tens of thousands of premature deaths and widespread hospital closures. Critics argue the bill redistributes wealth from the most vulnerable to the most affluent, burdening the middle class with hidden long-term costs. (Source: Bloomberg)

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