We Both Served as Treasury Secretary. We Know This Bill Is Dangerous.

By Robert E. Rubin and Lawrence H. Summers for The New York Times

In this New York Times article, Robert Rubin and Lawrence Summers argue that Donald Trump's fiscal approach risks reversing the economic success of the 1990s—the only time the federal budget was balanced in over half a century. While both presidents entered office facing serious fiscal challenges and technological transformation, their strategies couldn't be more different.

Drawing on their experience as top members of President Bill Clinton’s economic team, Rubin and Summers note that the Clinton administration’s approach combined deficit reduction with investment stimulus, creating what they call a "virtuous cycle" of growth, lower interest rates, and more investment. Trump's current legislative package, they argue, threatens to put this cycle in reverse by undermining the Federal Reserve, imposing tariffs, and passing what they describe as a "budget-busting" tax bill that could push debt to 135% of GDP by 2035. Their warning comes as Congress considers legislation that Rubin and Summers urge lawmakers to reject.