Wall Street Week, Bloomberg Television
July 27, 2025
HKS Authors
See citation below for complete author information.
Frank and Denie Weil Director of the Mossavar-Rahmani Center for Business and Government (on leave)
Charles W. Eliot University Professor
Abstract
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.
Citation
Summers, Lawrence H. "This is The Biggest Cutback in the US Social Safety Net in History." Wall Street Week, Bloomberg Television, July 27, 2025.