Nancy Chaddock: Project 2025 and economic troubles that will follow

To The Daily Sun,

Project 2025’s stated reform recommendations will harm the economic wellbeing of both our country and its citizens, with the inflationary impact being particularly difficult for all but the wealthiest among us. The Project specifically recommends abolition of the following: the current independence of the Federal Reserve, taxes based on income (to be replaced with a national sales tax), the abolition of the Consumer Financial Protection Bureau, FDIC insurance protection, and the FTC which enforces antitrust laws. The Project also recommends reductions to the corporate income tax rate and the capital gains tax rate for high earners.

In the reshaping of our government that is now well underway, we should expect that all of the above recommendations stated in Project 2025 will be put forward for action in the months ahead. Effective and sustainable pushback will be needed to defeat the proposals coming from Project 2025. So far, the pushback by economists, financial leaders, and the Fed chair himself has maintained the independence of the Federal Reserve, but more will be needed to make citizens aware of the importance of that independence if we are to have any hope of reducing inflation.

The proposals contained in the federal budget now under consideration in Congress by one of our two parties would undoubtedly be much the same with or without the existence of Project 2025. However, it can be argued that what is proposed in Project 2025, impacting economics and every other important facet of our lives, provides political support and cover for the unsustainable federal budget that appears likely to pass this summer.

Nancy Chaddock

Meredith