WATCH: ‘Terrible policy and politics’: Rattner breaks down Project 2025


Date Posted: 2024-07-23 12:09:50 | Video Duration: 00:07:59

Video Summary

Project 2025, a 920-page policy manifesto by the Heritage Foundation, outlines economic and financial plans potentially for a second Trump term. Proposals include higher taxes for lower-income Americans, increased student loan payments, and significant Medicaid cuts. Despite Trump’s claim of unfamiliarity, he is connected to it. The tax restructuring favors the wealthy, raising tax burdens on those earning under $150,000. Student loan burdens would increase significantly, reversing Biden’s reductions. Medicaid cuts would drastically impact healthcare, affecting millions, including rural and low-income Americans, posing political risks for Republicans.

‘Terrible policy and politics’: Rattner breaks down Project 2025 Transcript

  • 0:01 | BEHAVIOR, SHE GIVES BACK EVEN
  • 0:03 | MORE.
  • 0:04 | >>> LET’S TALK ABOUT DIAGRAMS
  • 0:05 | PROJECT 2025, THE 920-PAGE
  • 0:09 | POLICY MANIFESTO BY THE
  • 0:10 | CONSERVATIVE GROUP, THE HERITAGE
  • 0:13 | FOUNDATION, HIGHLIGHTS A WISH
  • 0:14 | LIST OF ECONOMIC AND FINANCIAL
  • 0:16 | PLANS UNDER A POTENTIAL TRUMP
  • 0:19 | SECOND TERM.
  • 0:20 | WHILE TRUMP HASN’T SAID HE
  • 0:22 | DOESN’T KNOW ANYTHING ABOUT
  • 0:24 | PROJECT 2025 — HE SAYS HE
  • 0:27 | DOESN’T KNOW ANYTHING ABOUT IT,
  • 0:28 | WE DID A SEGMENT WITH VAUGHN
  • 0:30 | HILLYARD RECENTLY, SHOWING HOW
  • 0:32 | CONNECTED TO IT HE ACTUALLY IS.
  • 0:39 | PROPOSALS ARE HIGHER TAXES ON
  • 0:41 | LOWER INCOME AMERICANS, INCREASE
  • 0:43 | STUDENT LOAN PAYMENTS, AND MAJOR
  • 0:45 | CUTS TO MEDICAID.
  • 0:47 | STEVE RATTNER MADE HIS WAY TO
  • 0:48 | THE SOUTHWEST WALL WITH CHARTS
  • 0:49 | ON THE FINANCIAL IMPLICATIONS OF
  • 0:50 | PROJECT 2025.
  • 0:53 | STEVE, YOUR FIRST CHART SHOWS
  • 0:56 | THERE WOULD BE HIGHER TAXES ON
  • 0:59 | THE LESS WELL-OFF.
  • 1:00 | TELL US ABOUT IT.
  • 1:01 | >> SURE, MIKA.
  • 1:02 | LOOK, TAXES ARE PERHAPS ISSUE
  • 1:04 | NUMBER ONE ON THE MINDS OF MANY
  • 1:07 | AMERICANS, AND PROJECT ’25 IS
  • 1:09 | CLEAR ABOUT WHAT IT WANTS TO DO.
  • 1:10 | IT ESSENTIALLY WANTS TO
  • 1:12 | RESTRUCTURE OUR TAX SYSTEM INTO
  • 1:14 | TWO TAX BRACKETS.
  • 1:15 | 15% FOR LOWEST EARNING, LESS
  • 1:17 | THAN THE SOCIAL SECURITY
  • 1:19 | MAXIMUM, WHICH IS ABOUT $166,000
  • 1:22 | A YEAR.
  • 1:23 | 30% FOR THOSE EARNING ABOVE.
  • 1:25 | BUT THAT WOULD RADICALLY CHANGE
  • 1:27 | HOW MUCH DIFFERENT AMERICANS
  • 1:30 | IT WOULD INCREASE THE AMOUNT
  • 1:32 | THAT PEOPLE MAKING LESS THAN
  • 1:36 | $150,000 PAY.
  • 1:37 | $2,000, $2,500.
  • 1:41 | THEY’D PAY MORE TAXES.
  • 1:43 | PEOPLE ABOVE THE WEALTHY PAY
  • 1:44 | DRAMATICALLY LESS.
  • 1:45 | EARN $400,000 A YEAR, YOU’D GET
  • 1:47 | A TAX CUT OF $14,000.
  • 1:51 | EXTRAORDINARY SHIFT IN THE TAX
  • 1:52 | BURDEN AWAY FROM THE WEALTHY AND
  • 1:54 | TOWARDS THE LESS WEALTHY.
  • 1:55 | THIS IS AN EVEN MORE EXTREME
  • 1:57 | VERSION OF WHAT TRUMP DID IN HIS
  • 1:59 | TAX BILL, TCJA, TAX CUT AND JOBS
  • 2:03 | ACT, BACK IN 2017 OR SO.
  • 2:05 | YOU CAN SEE HERE THE IMPACT OF
  • 2:09 | THAT WAS SIMILARITY REGRESSIVE.
  • 2:13 | PEOPLE AT THE BOTTOM GOT A
  • 2:16 | SMALLER INCREASE IN THE TAX CUT,
  • 2:17 | AND PEOPLE AT THE TOP GOT A
  • 2:19 | LARGER TAX CUT.
  • 2:20 | 85% OF THIS TAX BILL WENT TO
  • 2:23 | PEOPLE MAKING MORE THAN $75,000
  • 2:26 | OR TO BUSINESS.
  • 2:28 | ESSENTIALLY, WHAT THIS PROPOSAL
  • 2:29 | WOULD DO IS TAKE THIS AND PUT IT
  • 2:31 | ON STEROIDS.
  • 2:33 | >> SO, STEVE, THE BIDEN
  • 2:37 | ADMINISTRATION’S ATTEMPTS TO
  • 2:40 | ACTUALLY LESSEN THE STUDENT LOAN
  • 2:43 | BURDEN REALLY ENRAGED
  • 2:44 | REPUBLICANS.
  • 2:45 | IN FACT, WHENEVER YOU’D BRING UP
  • 2:49 | JANUARY 6th, IT SEEMS THAT A LOT
  • 2:50 | OF REPUBLICANS WOULD GO, YEAH,
  • 2:52 | WELL, LOOK WHAT JOE BIDEN DID
  • 2:53 | WITH STUDENT LOANS.
  • 2:56 | THEY WERE SERIOUS.
  • 2:57 | LIKE, THAT’S JUST — THAT’S SAD,
  • 2:58 | BUT THEY WERE SERIOUS.
  • 3:01 | THIS PROJECT 2025 THING IS GOING
  • 3:06 | TO INCREASE THE BURDEN ON PEOPLE
  • 3:08 | WITH STUDENT LOANS, RIGHT?
  • 3:10 | >> YEAH, JOE BIDEN DID MAKE A
  • 3:11 | BUNCH OF PROPOSALS.
  • 3:12 | SOME GOT LITIGATED AND
  • 3:14 | THEN HE FOUND OTHER WAYS, WHICH
  • 3:15 | I’M GOING TO TALK ABOUT IN A
  • 3:17 | SECOND, TO ADDRESS THE STUDENT
  • 3:18 | LOAN BURDEN.
  • 3:19 | BUT WHAT PROJECT 2025 WOULD DO,
  • 3:22 | ESSENTIALLY, WOULD BE TO
  • 3:23 | ELIMINATE ALL OF WHAT THE BIDEN
  • 3:25 | ADMINISTRATION DID TO CUT THE
  • 3:27 | BURDEN OF STUDENT LOANS.
  • 3:31 | YOU CAN SEE, THIS IS BROKEN DOWN
  • 3:32 | BY EDUCATION, ALL THE WAY FROM
  • 3:34 | SOME COLLEGE TO NO DEGREE TO
  • 3:35 | MASTERS PROGRAM.
  • 3:36 | IN TERMS OF THE MONTHLY STUDENT
  • 3:38 | LOAN PAYMENTS, FOR THE PEOPLE AT
  • 3:40 | THE BOTTOM, THEIR MONTHLY
  • 3:42 | AVERAGE STUDENT PAYMENTS WOULD
  • 3:44 | GO FROM $78 TO $308.
  • 3:47 | HUGE INCREASE FOR THOSE WITH
  • 3:49 | VERY LITTLE COLLEGE, PEOPLE WHO
  • 3:50 | DON’T PROBABLY HAVE GREAT JOBS,
  • 3:51 | AND FOR WHOM THIS IS A BIG
  • 3:54 | BURDEN.
  • 3:55 | SMALLER INCREASES BUT STILL
  • 3:56 | SUBSTANTIAL ALL THE WAY UP TO
  • 3:58 | PEOPLE WHO HAVE MASTERS DEGREES.
  • 4:00 | COMPLETELY WIPING OUT EVERYTHING
  • 4:03 | THE BIDEN ADMINISTRATION HAS
  • 4:04 | DONE FOR THE LAST 3 1/2 YEARS.
  • 4:06 | LET ME SHOW YOU ONE IMPACT OF
  • 4:08 | WHAT THE BIDEN ADMINISTRATION
  • 4:09 | HAS DONE.
  • 4:11 | WE ALL KNOW THAT STUDENT LOAN
  • 4:12 | DEBT HAS BEEN A HUGE PROBLEM,
  • 4:14 | AND IT’S GONE UP AND UP AND UP.
  • 4:15 | IT’S GONE UP AND UP PER STUDENT,
  • 4:17 | AND THIS IS EVEN INFLATION
  • 4:19 | IT WENT UP UNDER TRUMP.
  • 4:21 | FOR THE FIRST TIME SINCE AT
  • 4:23 | LEAST 2007, STUDENT LOAN DEBT
  • 4:25 | PER BORROWER HAS ACTUALLY GONE
  • 4:27 | DOWN FOR THREE STRAIGHT YEARS.
  • 4:29 | STILL REALLY HIGH.
  • 4:31 | YOU CAN ACTUALLY SEE TANGIBLE
  • 4:33 | PROGRESS MADE UNDER THE BIDEN
  • 4:35 | ADMINISTRATION IN REDUCING THAT
  • 4:37 | STUDENT LOAN BURDEN.
  • 4:38 | >> YEAH.
  • 4:39 | AND SO WE’RE TALKING ABOUT
  • 4:41 | HIGHER STUDENT LOANS.
  • 4:42 | WE’RE TALKING ABOUT HIGHER TAXES
  • 4:44 | FOR WORKING CLASS AMERICANS.
  • 4:46 | FINALLY, LET’S TALK ABOUT THE
  • 4:49 | IMPACT IT’S GOING TO HAVE TO
  • 4:51 | YOU KNOW, THERE USED TO BE THIS
  • 4:52 | IDEA, OH, MEDICAID, THAT JUST
  • 4:54 | GOES TO POOR PEOPLE LIVING IN
  • 4:55 | URBAN AREAS.
  • 4:58 | WHAT A LOT OF AMERICANS HAVE
  • 5:00 | FIGURED OUT SINCE MEDICAID CUTS
  • 5:02 | HAVE COME, NO, IT ACTUALLY —
  • 5:06 | THAT’S MONEY THAT FUNDS RURAL
  • 5:09 | THAT’S MONEY THAT FUNDS NURSING
  • 5:13 | THAT’S MONEY THAT FUNDS A LOT OF
  • 5:16 | MEDICAL CARE, A LOT OF MEDICAL
  • 5:19 | TREATMENT FOR AMERICANS OF ALL
  • 5:23 | DEMOGRAPHICS, ALL PARTS OF
  • 5:28 | AMERICA.
  • 5:29 | DONALD TRUMP, I MEAN, IF HE
  • 5:32 | REALLY DOES EMBRACE 2025 LIKE HE
  • 5:34 | SAID IN THE PAST, HE’S GOING TO
  • 5:37 | SUPPORT MORE MASSIVE CUTS TO
  • 5:40 | MEDICARE AND MEDICAID.
  • 5:41 | >> YOU’RE RIGHT, JOE.
  • 5:44 | MEDICAID, THERE IS SOMETHING
  • 5:45 | LIKE 90 MILLION PEOPLE ON
  • 5:48 | MEDICAID IN AMERICA, 30 MILLION
  • 5:50 | IT’S NOT JUST AN URBAN PROGRAM
  • 5:52 | FOR A FEW POOR PEOPLE.
  • 5:54 | WHAT PROJECT 2025 WANTS TO DO IS
  • 5:55 | PUT LIMITS ON HOW LONG YOU CAN
  • 5:57 | STAY ON MEDICAID, EFFECTIVELY
  • 5:59 | KICK PEOPLE OFF MEDICAID, PUT IN
  • 6:01 | WORK REQUIREMENTS, PUT IN A
  • 6:02 | WHOLE NUMBER OF RESTRICTIONS
  • 6:04 | THAT WOULD DRAMATICALLY CHANGE
  • 6:06 | THE NUMBER OF PEOPLE WHO ARE ON
  • 6:08 | SO THIS MAP SHOWS YOU BY COLOR
  • 6:10 | CODING, THE DARKER COLORS BEING
  • 6:13 | THE WORST HIT PLACES, WHAT SHARE
  • 6:18 | OF ENROLEES COULD LOSE MEDICAID.
  • 6:23 | IN VIRGINIA, IDAHO, 40% TO 50%
  • 6:27 | KICKED OFF MEDICARE — MEDICAID.
  • 6:28 | IN EVERY STATE, PRETTY MUCH, IT
  • 6:31 | IS 10% UP TO 40%, ALL THE WAY
  • 6:33 | ACROSS THE COUNTRY.
  • 6:35 | IT’D BE A MASSIVE CHANGE IN A
  • 6:36 | PROGRAM THAT, AS YOU SAID, IS
  • 6:38 | ABSOLUTELY CENTRAL TO OUR HEALTH
  • 6:39 | CARE SYSTEM AND TO THE LIVES OF
  • 6:41 | SO MANY PEOPLE WHO CAN’T AFFORD
  • 6:43 | THEIR OWN HEALTH CARE.
  • 6:45 | BUT IT’S ALSO A QUESTION
  • 6:47 | POLITICALLY OF WHETHER THIS IS
  • 6:48 | REALLY A GREAT IDEA FOR THE
  • 6:49 | REPUBLICANS TO EMBRACE.
  • 6:52 | MEDICAID IS EXTRAORDINARILY
  • 6:54 | NOT SURPRISINGLY, IT’S SUPPORTED
  • 6:56 | BY 90% OF DEMOCRATS VERSUS ONLY
  • 6:59 | 8% WHO HAVE AN UNFAVORABLE VIEW
  • 7:01 | OF IT.
  • 7:02 | EVEN AMONG REPUBLICANS, 65% OF
  • 7:05 | REPUBLICANS THINK FAVORABLY
  • 7:08 | ABOUT MEDICAID, AND ONLY 32%
  • 7:10 | THINK UNFAVORABLY ABOUT
  • 7:12 | MEDICAID.
  • 7:13 | IT’S TERRIBLE POLICY.
  • 7:14 | IT ALSO MAY BE TERRIBLE POLITICS
  • 7:16 | FOR THE REPUBLICANS TO EMBRACE
  • 7:18 | PROPOSALS LIKE THIS.
  • 7:19 | >> IT IS PARTICULARLY TERRIBLE
  • 7:20 | IF YOU LOOK AT THE MAP IN STATES
  • 7:22 | LIKE VIRGINIA, WISCONSIN, AND
  • 7:27 | OBVIOUSLY IMPORTANT STATES FOR
  • 7:28 | THIS ELECTION.
  • 7:29 | THANK YOU SO MUCH, STEVE
  • 7:32 | RATTNER, AT

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