Should Republicans vote to eliminate social security and Medicare?
Under president Bush, Republicans ran up a huge debt of 10 Trillion Dollars. Now, they want to balance the budget on the backs of the poor and middle class, by cutting food stamps, social security, medicare and medicaid while refusing to cut military spending. This chart shows where all of the money is going.
What were the Republican Party's views on social security?
Answer (1 of 8): Medicaid is an entitlement program, medicare and social security are legacy programs. Legacy programs were alright in 1960, when 5 workers supported each retiree. The ratio has since fallen below 3-1 today, on its way to 2-1 by the 2030s. The legacy programs caused people to stop...
What did the Republicans do to Medicare in 1965?
A poll a week before the election about Repoublican social and economic policy is a red flag for Republicans, 60 percent of Americans would prefer to reverse the …
Does Biden have a history of trying to cut Social Security?
Apr 16, 2021 · Republicans Target Social Security, Medicare and Medicaid. getty. The economy is recovering from the depths of the pandemic in large part due to the massive relief packages that Congress passed in ...
Was Social Security bipartisan?
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. These amendments passed the Congress in 1983 on an overwhelmingly bi-partisan vote.
Who was the first president to dip into Social Security?
President Lyndon B. Johnson1.STATEMENT BY THE PRESIDENT UPON MAKING PUBLIC THE REPORT OF THE PRESIDENT'S COUNCIL ON AGING--FEBRUARY 9, 19648.LETTER TO THE NATION'S FIRST SOCIAL SECURITY BENEFICIARY INFORMING HER OF INCREASED BENEFITS--SEPTEMBER 6, 196515 more rows
What was the vote in Congress for Social Security?
The bill was reported out by the Senate Finance Committee on May 13, 1935 and introduced in the Senate on June 12th. The debate lasted until June 19th, when the Social Security Act was passed by a vote of 77 yeas, 6 nays, and 12 not voting.
What President gave us Social Security and Medicare?
After a Conference which lasted throughout July, the bill was finally passed and sent to President Roosevelt for his signature. The Social Security Act was signed into law by President Roosevelt on August 14, 1935.
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).
How much does the government owe Social Security?
$2.908 trillionAs of 2021, the Trust Fund contained (or alternatively, was owed) $2.908 trillion The Trust Fund is required by law to be invested in non-marketable securities issued and guaranteed by the "full faith and credit" of the federal government.
Has the federal government borrowed from Social Security?
Not only is every cent the federal government has borrowed from Social Security accounted for, but the government is paying interest into Social Security, thereby improving the health of the program. In 2018, $83 billion in interest income was collected by Social Security.Feb 15, 2020
How did Medicare get passed?
On July 30, 1965, President Lyndon B. Johnson signed into law legislation that established the Medicare and Medicaid programs. For 50 years, these programs have been protecting the health and well-being of millions of American families, saving lives, and improving the economic security of our nation.Dec 1, 2021
How was Medicare passed?
On July 30, 1965, President Lyndon B. Johnson signed the Medicare and Medicaid Act, also known as the Social Security Amendments of 1965, into law. It established Medicare, a health insurance program for the elderly, and Medicaid, a health insurance program for people with limited income.Feb 8, 2022
Which political party started Social Security?
The Social Security Act was enacted August 14, 1935. The Act was drafted during President Franklin D. Roosevelt's first term by the President's Committee on Economic Security, under Frances Perkins, and passed by Congress as part of the New Deal.
Where do social security numbers come from?
Since 1972, when SSA began assigning SSNs and issuing cards centrally from Baltimore, the area number assigned has been based on the ZIP code in the mailing address provided on the application for the original Social Security card.
Who has the first Social Security number?
John D. Sweeney, Jr.This particular record, (055-09-0001) belonged to John D. Sweeney, Jr., age 23, of New Rochelle, New York. The next day, newspapers around the country announced that Sweeney had been issued the first SSN.
What is Medicare and Medicaid?
Medicare, Medicaid, and Social Security are benefits provided by the government through specific taxes collected for the sole purpose of funding them. That means every law abiding citizen of the United States is entitled to collect those benefits without needing any further permission from the government.
How much is the deficit in Medicare?
Over the next 30 years, according to data from the Congressional Budget Office, Medicare will run a $40 trillion cash deficit, Social Security will run a $19 trillion cash deficit, and the interest on the resulting program debt will be $23 trillion. (To inflation-adjust these figures, trim by 1/3.)
How much will Social Security grow in the next decade?
The vast majority of savings from spending caps, deep defense cuts, and rising tax revenues have simply fed the Social Security and Medicare beast, which will grow by another $130 billion annually over the next decade.
Why is Social Security an unearned entitlement?
It is an unearned entitlement because the US congress has increased the benefits without requiring people to pay enough for those increased benefits. Here is a more detailed explanation.
What is welfare provision?
And the provision of welfare is a means to knit the society into community, as well as to enhance social stability and the conditions for decent life. In those societies, public libraries, parks, public schools, care for children and old people and those in between are part of what the society is organized to do.
When were legacy programs alright?
Legacy programs were alright in 1960, when 5 workers supported each retiree. The ratio has since fallen below 3-1 today, on its way to 2-1 by the 2030s. The legacy programs caused people to stop having kids as much—causing a market impact on birth rates.
Is Washington running out of offsets?
Washington is already running out of offsets. This has contributed to the deficit’s expanding from $438 billion to $666 billion over the past two years. CBO projected that annual budget deficits would surpass $1 trillion within 5 years and reach $2 trillion a decade after that.
Who voted against Medicare?
When Medicare was first being considered Senate Republican Robert Dole (then in the House) voted against it. Also in opposition to Medicare, in a famous 1964 speech, Ronald Reagan explained that his opposition to Social Security and Medicare is why he switched from the Democratic Party to the Republican Party.
Which party is opposed to Social Security?
The Republican Party has always been associated with opposition to Social Security. Economic historian Max Skidmore shows that the final vote for Social Security was lopsided--only 2% of Democrats voted against it (because it wasn't generous enough) while 33% of Republicans voted against Social Security.
Why did McConnell say the Republicans would defend the tax cuts?
This poll was taken a week after Senator McConnell said the Republicans would defend the tax cuts and cut Social Security, Medicare and Medicaid in order to curb the growing deficit, caused in significant part by those very tax cuts. The Republican Party has always been associated with opposition to Social Security.
What percentage of Americans would prefer to reverse the Republican tax cuts?
A poll one week before the election about Republican social and economic policy is a red flag for Republicans. 60% of Americans would prefer to reverse the Republican 2017 tax cuts than cut spending on Social Security, Medicare and Medicaid.
What would happen if Social Security was passed?
A representative of the Illinois manufacturers testified that if Social Security was passed it would undermine America by “destroying initiative, discouraging thrift, and stifling individual responsibility.”. In 1935, Republican congressman John Taber said Social Security “is designed to prevent business recovery, to enslave workers, ...
What is the most popular program in America?
Social Security is the most popular program in America, especially among the voters who are growing the fastest. Social Security is the most popular program in America, especially among the voters who are growing the fastest. Share to Facebook. Share to Twitter. Share to Linkedin.
Is Social Security a fiscal discipline?
Social Security is one of the few government programs with built-in fiscal discipline. Bottom Line: Though Senator McConnell may not have meant to publicize the Republican agenda to cut Social Security, Medicare and Medicaid, the long history of Republican opposition may be an example of what Sigmund Freud and modern psychologists believe--a slip ...
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.
What are the temporary fiscal interventions of 2020 and 2021?
The temporary fiscal interventions of 2020 and 2021, which the senators opposed, provide a much higher bang for the buck than the long-term budget busting trickle-down tax cuts of 2017, which many supported.
What are the immediate benefits of a tax increase?
The immediate benefits are less inequality and better health outcomes, both of which ultimately support stronger economic growth. Improving revenues for these programs by, for example, increasing payroll taxes on the top income earners will ultimately result in stronger growth and shrinking federal deficits.
Is the Cares Act a temporary measure?
The pandemic-related deficits are mainly temporary. Congress enacted the CARES Act in March 2020, which offered temporary relief main ly to families, unemployed workers and closed business.
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.
Who is taking aim at Medicare and Social Security?
Wayne Gilchrest: GOP takes aim at Social Security, Medicare. Now Republicans are coming after Social Security and Medicare with President Trump’s signature on an executive order that slashes the funding for these two programs.
How many Americans rely on the ACA?
More than 20 million Americans rely upon ACA for their healthcare coverage which protects against the threat of preexisting conditions. Like the deferred payroll tax deduction, the impact of the Republican case to kill Obamacare will not be felt until after the election, when the Supreme Court issues its decision.
Does Trump have the constitutional authority to do that?
But Trump does not have the constitutional authority to do that. He knows nothing about how our three branches of government work. He knows even less about the lives of people without golden toilets or multiple days off to golf. If Trump and his Republican Senate enablers succeed, this would gut America’s Social Security and Medicare programs.
Is Medicare a benefit?
Social Security and Medicare are not “benefits,” — they are entitlements that working Americans have funded through decades of hard work by their own payroll tax deductions. Now, with the stroke of a pen, Donald Trump has deferred the payroll tax deduction so that workers can get bigger paychecks now - before an election.
How much is the net cash outflow?
Although the net cash outflow is only estimated at $1.7 billion, which is relative peanuts when compared to the $2.89 trillion currently in asset reserves, it's a conclusive sign that the existing payout schedule isn't sustainable. Image source: Getty Images. Things begin to get really dicey in 2020 and beyond.
What will happen to the net cash outflow in 2020?
Beginning at the turn of the decade, ongoing demographic shifts (e.g., boomers retiring, increased longevity, and growing income inequality) are expected to cause the net cash outflow to balloon.
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.
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.
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.
Will Republicans take away Social Security?
Image source: Getty Images. 1. Republicans aren't going to take away Social Security. Without beating around the bush, the Republican Party is often associated as being the party of the well-to-do -- and the rich typically aren't reliant in any way on Social Security income.
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.
Who said Social Security would open the door to a government power?
Rep. James W. Wadsworth (R-NY) cautioned that passage of Social Security would open the door to a government power “so vast, so powerful as to threaten the integrity of our institutions and to pull the pillars of the temple down upon the heads of our descendants.”.
When did the Affordable Care Act become law?
In 2010, Democrats passed the Affordable Care Act — the largest expansion of the safety net since Medicare — following a similarly intense debate. Democrats heralded it as a step toward a more humane society, and Republican opponents warned it would pose a grave threat to economic freedom.
