It just gets worst every time them mention the effects of the Republican tax cuts rushed thru at the end of last year…
Could the Republicans try to stop the bleeding but offering up cuts to the two entitlement safety net programs?
From Treasury Secretary Steve Mnuchin….
“The Administration’s economic agenda – tax cuts, regulatory reform, and improved trade agreements – will generate the long-term growth needed to help secure these programs and lead them to a more stable path,” he said. “Social Security and Medicare are the federal government’s two largest programs, and millions of Americans heavily rely on their benefits. Robust economic growth will help to ensure their lasting stability.”
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Tuesday’s report shows, however, that not only has that promised growth failed to materialize, the deep tax cuts are causing the federal trust funds to deplete faster — though the biggest factor is that there are more people retiring and depending on the program than there are taxpaying workers to replace them. The report itself also acknowledged that the tax bill’s health care changes are worsening the Medicare trust fund’s financial future, citing “the repeal of the individual mandate, which increased the estimate of the number of uninsured, in turn leading to a large increase in uncompensated care payments.”
Responding to the new report, House Minority Leader Nancy Pelosi faulted to the GOP tax bill’s impact on declining tax revenues.
“The GOP tax scam’s massive, unpaid-for giveaways to the wealthiest 1 percent and big corporations have gravely undermined the future of Medicare and Social Security, and now Republicans want America’s seniors to pay the bill,” she said in a statement.
Republicans have long called for an overhaul, including deep cuts, to Medicare and Social Security,…
Social Security is a critical issue that needs to be addressed soon. I would like to see people of both parties get together behind closed doors and do something to protect it – and sooner rather than later.
With companies cutting pensions, generation x, in particular, is going to have a very difficult time in retirement if this doesn’t get straightened out. A frighteningly small percent of people are adequately saving for retirement and the absence of social security will be devastating for many.
My preference would be to immediately increase taxes and to gradually increase benefits. Employers have benefited from lower taxes, but have used the money for things like stock buybacks. At the risk of offending conservatives who have a difficult time focusing on the future, it seems funding social security would be more valuable to society than stock buy backs.