Why do Republicans want to destroy Social Security and Medicare?
Today’s Republicans want to avoid political accountability by destroying Social Security and Medicare without leaving clear fingerprints. This post was published on the now-closed HuffPost Contributor platform. Contributors control their own work and posted freely to our site. If you need to flag this entry as abusive, send us an email.
Will the Senate Republicans’ plan end Social Security?
I mean that would mean an end to Medicare and Social Security and to Medicaid, which provides health care coverage for 86 million Americans including our seniors in nursing homes.” On April 28, the Democratic Senatorial Campaign Committee tweeted that the “Senate Republicans’ plan would END” Social Security.
Did the Republican Party steal money from Social Security?
Some Republicans, including Donald Trump, have called for a form of means-testing, which would reduce or eliminate Social Security benefit payments for those folks or couples who are wealthy. In sum, the Republican Party isn't going to do away with Social Security, and they haven't stolen a dime from the Trust.
What's the difference between Republicans and Democrats on Social Security reform?
Whereas Democrats prefer raising revenue to make up for an expected $13.2 trillion cash shortfall between 2034 and 2092, Republicans want to reduce the program's long-term expenditures. How, you ask?
Is the government going to take away Social Security benefits?
As a result of changes to Social Security enacted in 1983, benefits are now expected to be payable in full on a timely basis until 2037, when the trust fund reserves are projected to become exhausted.
Which president messed up Social Security?
President Richard M. Nixon1.SPECIAL MESSAGE TO THE CONGRESS ON SOCIAL SECURITY -- SEPTEMBER 25, 19694.STATEMENT ABOUT APPROVAL OF THE WELFARE REFORM AND SOCIAL SECURITY BILL BY THE HOUSE COMMITTEE ON WAYS AND MEANS--MAY 18, 197119 more rows
How likely will Social Security run out?
People believe the program will run out of money for many reasons, including: The Social Security trust funds going broke: It is true that the Social Security trust funds, where the money raised by Social Security taxes is invested in non-marketable securities, is projected to run out of funds by around 2034.
Who was the first president to tap into Social Security?
Which political party started taxing Social Security annuities? A3. The taxation of Social Security began in 1984 following passage of a set of Amendments in 1983, which were signed into law by President Reagan in April 1983.
Who changed Social Security to the general fund?
In early 1968 President Lyndon Johnson made a change in the budget presentation by including Social Security and all other trust funds in a"unified budget." This is likewise sometimes described by saying that Social Security was placed "on-budget."
What did Ronald Reagan do to Social Security?
In 1981, Reagan ordered the Social Security Administration (SSA) to tighten up enforcement of the Disability Amendments Act of 1980, which resulted in more than a million disability beneficiaries having their benefits stopped.
Will Social Security be cut?
As a result, the Social Security Administration has been dipping into its trust funds to make up the difference. However, those funds are expected to be depleted by 2034. At that point, there will only be enough cash to cover around 77% of projected benefits. In other words, benefits could be cut by up to 23% by 2034.
What changes are coming to Social Security in 2022?
Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 5.9 percent in 2022. Read more about the Social Security Cost-of-Living adjustment for 2022. The maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $147,000.
How much money has the government borrowed from the Social Security fund?
All of those assets are held in "special non-marketable securities of the US Government". So, the US government borrows from the OASI, DI and many others to finance its deficit spending. As a matter of fact, as of this second, the US government currently has "intragovernmental holdings" of $4.776 trillion.
Did Congress borrow from Social Security?
Ultimately, Congress' borrowing allowed Social Security to collect $85.1 billion in interest income for 2017, and it's expected to provide $804 billion in aggregate interest income between 2018 and 2027.
Why is Social Security going broke?
Myth #1: Social Security is going broke The facts: As long as workers and employers pay payroll taxes, Social Security will not run out of money.
When did Congress start borrowing from Social Security?
As a stop-gap measure, Congress passed legislation in 1981 to permit inter-fund borrowing among the three Trust Funds (the Old-Age and Survivors Trust Fund; the Disability Trust Fund; and the Medicare Trust Fund).
When will Medicare become insolvent?
Experts say the cost of Medicare and Social Security will become insolvent within the next two decades. Medicare will become insolvent in 2026, according to the program’s trustees, and trust funds for Social Security will be depleted by 2034.
How much was spent on Social Security in 2018?
In fiscal year 2018, nearly half ($1.95 trillion) of federal spending was directed toward the major entitlement programs: $977 billion was spent on Social Security, $585 billion on Medicare and $389 billion on Medicaid.
Who said cuts to entitlements are needed to tackle the deficit?
Stivers was echoing the sentiments of party leaders like House Speaker Paul Ryan and Senate Majority Leader Mitch McConnell, who argue that cuts to entitlements are needed to tackle the deficit. “Frankly, it’s the health care entitlements that are the big drivers of our debt.
Who said the government has spent too much?
Instead of blaming the deficit on tax cuts, White House chief economic adviser Larry Kudlow said in September that the government has “spent too much” and that the White House would like to “slim that down as much as possible.”. “People are quick to blame deficits on tax cuts but I don’t buy that,” Kudlow said.
Republicans Plan to Cut Social Security, Medicare, and Medicaid
Robert Reich explains the longtime Republican plan to slash Social Security, Medicare and Medicaid.
Fmr. GOP congressman: Why I changed my mind on Obamacare
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What are the Republicans' obsessions with Medicare?
The Republican Obsession With Dismantling Social Security And Medicare. Today’s Republicans want to avoid political accountability by destroying Social Security and Medicare without leaving clear fingerprints. The Republicans are desperate to destroy Social Security and Medicare. These two programs demonstrate government at its best.
Why does Medicare not go through the appropriations process?
Social Security — the people’s pension — and Medicare — the first step toward universal health insurance for all — do not go through the appropriations process because, as monthly pension payments and medical insurance, they must pay what is owed, not what Congress chooses to spend. If Social Security and Medicare were subject to the whims ...
What was the first action that House Republicans took in the new Congress?
So obsessed are the Republicans in their desire to eliminate these effective government programs that the very first action that House Republicans took in the new Congress was to adopt a rules package that included a new rule that amounts to a stealth attack on Social Security and Medicare. Advertisement.
What are the two programs that Republicans want to destroy?
The Republicans are desperate to destroy Social Security and Medicare. These two programs demonstrate government at its best. The federal government runs these two extremely popular programs more efficiently, universally, securely, and effectively than the private sector does with its alternatives — or indeed could, ...
Should Democrats challenge Republicans?
Furthermore, Democrats should challenge Republicans when they claim the programs are in need of “saving.”. Republican claims that they are simply seeking to save Social Security and Medicare is the same Orwellian language used during the Vietnam War, when a military officer claimed that a village had to be destroyed in order to save it.
Do Medicare and Social Security need to be fixed?
The reality is that Social Security and Medicare don’t need fixing. They can and should be expanded, but they work fine, having stood the test of time. And, most assuredly, neither Social Security nor Medicare need saving.
Do Republican politicians want to destroy Medicare?
Republican politicians understand how popular Social Security and Medicare are. Yet they desperately want to destroy the programs, which put the lie to their anti-government agenda by illustrating clearly that there are some tasks that government does much better then the private sector.
What was the national debt after Clinton?
After Clinton left office, Bush pushed through a giant tax cut — and the budget deficits reemerged. The national debt held by the public is now nearly $15.7 trillion — and the tax cut will only increase that total. The deficit is expected to climb to $973 billion in the current fiscal year, according to the CBO.
What was the last time the unemployment rate was below 4 percent?
The last time the U.S. unemployment rate was below 4 percent— when the economy was booming under Bill Clinton and the government was running a budget surplus — Clinton was able to blunt Republican demands for a tax cut with the mantra of “Save Social Security First.”.
Why does McConnell say there needs to be a bipartisan solution?
That’s why McConnell says there needs to be a bipartisan solution. Whitehouse would have been on more solid ground if he had protested that a mostly partisan tax bill had made the deficit problem worse and made it harder to grapple with baby-boomer retirements.
What did Whitehouse say in his ad?
Whitehouse, in his ad, starts to go down that road but then goes off course by twisting McConnell’s statement into the unsupported claim that Republicans have said that because of the deficits, “they have got to get rid of Medicare, Medicaid and Social Security.”. Advertisement.
How much was the deficit in 2018?
Democrats have seized on recent comments by Senate Majority Leader Mitch McConnell (R-Ky.) in a round of media interviews after the Treasury Department reported that the federal budget deficit increased 17 percent year over year, to $779 billion in fiscal 2018.
Is Whitehouse running for reelection?
Whitehouse is running for reelection in what appears to be an easy race — the latest poll has him up by 24 percentage points — but that has not stopped him from running hard-hitting commercials.
Did McConnell say Republicans hoped to cut programs?
That’s not what McConnell said. In fact, he did not even say the Republicans hoped to cut those programs. He said changes would happen only if both parties worked together to overhaul the programs, which are under financial stress because of the retirement of the baby-boom generation. Advertisement.
How many people are receiving Social Security above the poverty line?
Both Democrat and Republican lawmakers on Capitol Hill have an understanding of the importance that Social Security plays in keeping some 22 million people currently receiving benefits above the federal poverty line.
How long has Social Security been borrowed?
However, the truth of the matter is that Congress has been able to "borrow" Social Security's excess cash (i.e., asset reserves) for five decades, and it's happened under every single president over that stretch.
When will the 67 age limit be increased?
Currently, set to peak at age 67 for those born in 2022 or later, Republicans would like to see this gradually increased to as high as age 70. This would require retired workers to either wait longer to receive their full payout, or to accept a steeper monthly reduction if claiming early.
Does means testing reduce Social Security?
Some Republicans, including Donald Trump, have called for a form of means-testing, which would reduce or eliminate Social Security benefit payments for those folks or couples who are wealthy.
Did the Republican Party steal Social Security money?
Another misconception is that the Republican Party stole money from the Social Security Trust and used it to fund wars. More specifically, Ronald Reagan, George H.W. Bush, and George W. Bush have come under intense scrutiny for borrowing from Social Security and "not putting the money back."
Is Social Security inflection point?
According to the report, Social Security is facing an inflection point this year. For the first time since 1982, aggregate expenditures, which almost entirely includes benefits, but also takes into account administrative expenses and Railroad Retirement exchange contributions, will exceed revenue generated.
Is Social Security the most important social program?
Social Security is unquestionably the nation's most important social program, with more than three out of five current retired workers leaning on it to account for at least half of their monthly income. Yet, this crucial program is on shaky ground, with the latest annual report from the Social Security Board of Trustees painting a grim ...
When did the American Rescue Plan expire?
Most of its provisions expired in the second half of 2020. The newly elected Congress then enacted the American Rescue Plan in March 2021. It supports people, businesses and state and local governments with substantial yet temporary financial relief.
What was Donald Trump's signature legislative achievement?
Donald Trump’s signature legislative achievement was the Tac Cuts and Jobs Act of 2017. It showered trillions of dollars on highly profitable corporations and the richest American households that had seen the largest economic gains in the wake of the Great Recession from 2007 to 2009. Moreover, many provisions of this tax legislation are now permanent fixtures of the tax code and many temporary ones, such as tax cuts for high-income earners will likely become permanent, if past supply-side tax cuts are any indication.
Does the Cares Act help the economy?
In contrast, the CARES Act offered much needed relief amid the worst unemployment crisis since the Great Depression, while it helped to stem the tide on declining economic growth. And experts predict that ARPA will boost economic growth to its highest rate in decades.
Will the Federal Reserve keep interest rates low?
The Federal Reserve will also likely keep interest rates low for some time. Congress will eventually need to worry about the long-term health of the U.S. government, but that does not mean a balanced budget, especially one that is achieved by cutting only vital programs.
Did the Republican senators push for Medicare and Social Security?
Republican Senators Push Social Security, Medicare And Medicaid Cuts After Supporting Ineffective Tax Cuts. Opinions expressed by Forbes Contributors are their own. The economy is recovering from the depths of the pandemic in large part due to the massive relief packages that Congress passed in 2020 and 2021.