Sen. Gary Peters: Trump's Budget Will DESTROY Our Economy

As news broke Tuesday that inflation is officially on the rise amid Trump’s tariff hikes, Michigan U.S. Senator Gary Peters warned that the president’s budget bill is “inflationary.”

The bill, which passed the GOP-controlled Congress and was signed by Trump on July 4, has huge cuts to Medicare, Medicaid, the Affordable Care Act, as well as other programs. At the same time, energy and health care costs are set to rise — and the bill adds to the debt because of tax cuts for the wealthy. That means higher interest rates, making it harder for people to buy a car, afford a house, or go to college, he noted.

“It's been estimated that close to 12 million people across the country are going to lose health care,” Peters told Lincoln Square Executive Editor Susan J. Demas. “We also have food assistance that is also going to be taken away from millions of people across the country. It's going to raise the price of groceries and basic necessities for people. And then you're also seeing cuts in energy production, for example. If you look at the investments that were previously made to expand clean energy production across the country and put it in perspective, most all of the new energy that's coming onto the grid right now is clean energy projects as a result of investments that we have made. And those are all going away.”

Peters has been in Congress since 2009, first serving in the House and later two terms in the Senate. But after chairing the Democrats’ Senate campaign committee, he’s decided not to run again in 2026.

“This is a decision that was a long time in coming,” he told Lincoln Square. I started thinking about it last year and actually beforehand. … I’m a believer that folks should serve in Congress, as our founders saw it — as we come into it as citizens, we serve for a period of time, then we leave. And turn the reins over to another generation, another group of folks. And so I felt this is time to turn the reins over to other folks.”

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