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MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

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MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

2

Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place

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Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
Leadership

Trumponomics Daily—Friday, March 17

By
Tory Newmyer
Tory Newmyer
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By
Tory Newmyer
Tory Newmyer
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March 17, 2017, 12:19 PM ET
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It’s often said in Washington that the best sign of a compromise is a final product that pleases nobody. But what about an initial offer that alienates nearly everybody? President Trump’s first budget serves up plenty to turn off Members of Congress from both parties, ripping into an array of treasured programs, from slashing support for Meals on Wheels to eliminating funding entirely for rural development agencies that aid many of his own voters.

In so doing, the proposal represents a victory of ideology over strategy. It ignores the entitlement growth driving federal spending, a chief concern of conservative deficit hawks, to focus instead on the discretionary budget that makes up a shrinking slice of the pie. In other words, Trump’s blueprint maximizes political pain while minimizing savings gain.

Reactions from Republican lawmakers have been decidedly mixed. A few praised the proposed $54 billion surge in defense funding. More noted, pointedly, that the president proposes and the Congress disposes: They’ll consider the administration’s suggestions but will craft a spending plan that reflects their own prerogatives. That should be fine by the White House. The next budget resolution will fast-track tax reform by allowing it to clear the Senate with a simple majority. And streamlining the tax code presumably remains a higher priority for Trump than, say, cutting home heating assistance to poor people.

Tory Newmyer
@torynewmyer
tory_newmyer@fortune.com

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