Nobel Prize in Economics winners boycott Trump: The Great American Rescue Plan impacts low-income households, and the reform of national debt will ultimately benefit the wealthy and must collapse.

Six Nobel Prize economists issued an open letter to boycott Trump's Great Beauty Act, warning that the impact on people's livelihood and national debt should be considered by the Senate. (Summary: Circle officially launches IPO: stock code CRCL target valuation of $6.7 billion, JPMorgan Chase, Citi and Goldman Sachs as main distributors) (Background supplement: Circle Payments Network mainnet launch: provide global institutional USDC, EURC real-time settlement) The Big Beautiful Bill promoted by President Trump (One Big Beautiful Bill Act) After a thrilling pass by one vote in the House of Representatives recently, it has now been sent to the Senate for deliberation and is expected to be voted on by July 4, but the bill immediately triggered an open letter signed by six Nobel laureates in economics, warning of its possible serious negative impact and its possible impact on potential subsequent votes. Economists warn: hit low-income households and exacerbate national debt Six honorary academics published an open letter through the Economic Policy Institute (Economic Policy Institute), a non-partisan think tank, saying that the bill could seriously affect low-income families. Specifically, the bill proposes to weaken the (SNAP) of Medicaid (Medicaid) and the Supplemental Nutrition Assistance Program, but Medicaid's mandatory work requirements and eligibility checks could result in millions of low-income people losing health insurance; Cutting SNAP ( food stamps ) could exacerbate poverty and malnutrition. We have serious concerns about the budget reconciliation bill passed by the U.S. House of Representatives on May 22, 2025. Medicaid provides health insurance to low-income Americans... Medicaid also covers 41% of births in the US, including more than 50% in Louisiana, Mississippi, New Mexico, and Oklahoma, and job reporting requirements clearly don't save anything from these Medicaid features... Treasuries face a credit crisis: the rich benefit In addition, economists have expressed deep concern that the bill will lead to a sharp rise in the US national debt. According to the Congressional Budget Office (CBO) forecast, the national debt could increase by $3.8 trillion over the next decade. Critics also argue that the bill's main beneficiaries are high-income groups, which will further widen the gap between rich and poor. Nobel laureate economist Paul Krugman warned that this policy could trigger a "sudden stop" of foreign investment (sudden stop) crisis. As a result, economists unanimously called on the Reference House to reject the bill or make significant changes to its provisions. Although the Great Beauty Act passed the House of Representatives, its prospects in the Senate and its far-reaching impact on US finances will depend on the next deliberations and have attracted much attention from all walks of life. The U.S. structural deficit is already too high, real debt service has been near record highs over the past year, and the House bill adds $3.8 trillion in additional tax cuts on top of these existing fiscal gaps, and these tax cuts are overwhelmingly skewed toward the highest-income households, and even if the safety net is cut, the House bill would increase public debt by more than $3 trillion in the coming years (or more than $5 trillion over the next decade if the terms become permanent rather than phased out). Higher debt and deficits will put significant upward pressure on inflation and interest rates in the coming years. Related reports "6 Nobel Prize winners "boycott Trump": The Great Beautiful Act hits low-income households, the national debt reform fattenes the rich will collapse" This article was first published in BlockTempo's "Dynamic Trend - The Most Influential Blockchain News Media".