via twitter.
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The tax law would leave Medicare, Medicaid and Social Security vulnerable to benefit cuts because of its dramatic $2.3 trillion increase at a minimum in the public debt – an increase that will have to be offset in the future.
Inevitably, current and future generations of older Americans and people with disabilities will be forced to pay a heavy price for this irresponsible law.
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The tax law would leave Medicare, Medicaid and Social Security vulnerable to benefit cuts because of its dramatic $1.5 trillion increase at a minimum in the public debt – an increase that will have to be offset in the future.
“The Trump/GOP tax cuts for the wealthy will add over $1.5 trillion in debt,” said the National Committee to Preserve Social Security and Medicare. “Now we know how they’ll pay for those tax cuts, by cutting Social Security and Medicare.”
According to the Washington Post, Trump has already “instructed aides to prepare for sweeping budget cuts if he wins a second term in the White House.”
“Trump’s advisers say he will be better positioned to crack down on spending and shrink or eliminate certain agencies after next year, particularly if Republicans regain control of the House of Representatives,” the Post reported last month.
The president, despite his campaign promises, has included major cuts to Social Security and Medicare in his budget proposals—while predictably demanding massive increases in Pentagon spending.
via Common Dreams.
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After instituting a $1.5 trillion tax cut and signing off on a $675 billion budget for the Department of Defense, Senate Majority Leader Mitch McConnell said Tuesday that the only way to lower the record-high federal deficit would be to cut entitlement programs like Medicare, Medicaid and Social Security.
“It’s disappointing, but it’s not a Republican problem,” McConnell said of the deficit, which grew 17 percent to $779 billion in fiscal year 2018. McConnell explained to Bloomberg that “it’s a bipartisan problem: Unwillingness to address the real drivers of the debt by doing anything to adjust those programs to the demographics of America in the future.” The deficit has increased 77 percent since McConnell became majority leader in 2015.
New Treasury Department analysis on Monday revealed that corporate tax cuts had a significant impact on the deficit this year.
via Newsweek.
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In fact, tax expenditures – especially the Trump/GOP tax cuts – are the number one drivers of the debt, not Social Security or Medicare. Social Security is self-funded and does not contribute to the debt.
However, under the ‘leadership’ of McConnell in the Senate and Paul Ryan in the House, none of these bills has been properly considered. Instead, McConnell and his cohorts insist that the only way forward is benefit cuts for future retirees.
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via twitter.
Senate Majority Leader Mitch McConnell (R-KY) called on Congress to rein in major government programs like Medicare, Medicaid and Social Security in order to slow America’s spiraling national debt on Tuesday, ignoring the fact the tax plan he recently passed has further grown that number.
via Talking Points Memo.
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U.S. Senate Majority Leader Mitch McConnell, a Republican, recently pointed to “entitlements” as the key cause of rising federal deficits, and blamed Democrats for refusing to go along with proposals to cut spending by Medicare, Medicaid and Social Security.
McConnell was responding to a report from the U.S. Department of the Treasury last month that the budget deficit grew to $779 billion in fiscal 2018, the highest in six years. Treasury attributed the increase to the tax cuts contained in the Tax Cuts and Jobs Act (TCJA), higher spending and rising interest payments.
The call for cuts to our very popular entitlement programs just before an election makes for surprising politics - and it is not selling well with the public; a poll this week by NPR, PBS NewsHour and Marist (bit.ly/2zewazj) found that 60 percent of Americans would prefer to reverse the tax cuts than cut spending on Social Security, Medicare and Medicaid.
via Reuters.
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In fact, tax expenditures – especially the Trump/GOP tax cuts – are the number one drivers of the debt, not Social Security or Medicare. Social Security is self-funded and does not contribute to the debt. The same goes for Medicare Part A.
Republicans in the House and Senate have taken aim at entitlement spending in recent days as Congress works to get the tax reform plan on President Trump’s desk by the end of the year. The House passed a final version of the plan on Wednesday.
“We’re going to have to get back next year at entitlement reform, which is how you tackle the debt and the deficit,” House Speaker Paul Ryan (R-Wis.) said earlier this month.
“We have a welfare system that’s trapping people in poverty and effectively paying people not to work,” Ryan added. “We’ve got to work on that.”
via The Hill.
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Advocates for seniors and the middle class have been warning for weeks that the Republican drive to cut taxes for the wealthy is the prelude to a larger attack on Social Security and Medicare…
…But $25 billion a year is a drastic cut that “would undermine the delivery of care to the 57 million seniors and disabled Americans who depend on the program,” Max Richtman, head of the National Committee to Preserve Social Security and Medicare, said a couple of weeks ago.
via Los Angeles Times.
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Rep. Alexandria Ocasio-Cortez made a plea for expanding Social Security benefits on Tuesday… in support of Rep. John Larson’s Social Security 2100: A Sacred Trust bill. Read more here: https://www.ncpssm.org/entitledtoknow/rep-larson-introduces-social-security-2100-a-sacred-trust-bill/. #Secure2100 #SocialSecurity
