Does the Senate Republicans’ plan end Social Security and Medicare?
The Democratic Senatorial Campaign Committee claimed that the "Senate Republicans’ plan" would "end Social Security" and "end Medicare." The ad refers not to a plan from Senate Republicans but from one Republican, Scott. The plan would sunset all federal laws after five years, requiring Congress to renew the laws it wants to keep.
Do Republicans want to fix social security?
Finally, Republicans do want to fix Social Security, but they are at the opposite side of the spectrum from Democrats on how to do that. 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.
Why did only one Republican vote against Medicare?
Though Republicans supported it, no Democrat in Congress would agree and the balance was such the Republicans had to convince at least one Senator to switch sides. When Medicare was first being considered Senate Republican Robert Dole (then in the House) voted against it.
Are Social Security and Medicare imperiled by Rick Scott’s plan?
Claims that Social Security and Medicare are imperiled are common during election campaigns. The DSCC attack goes too far in framing Scott’s idea as a broadly supported death sentence for Medicare and Social Security. The first thing to know is that Scott’s plan, released Feb. 22, was proposed by him — not a group of Senate Republicans.
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 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.
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.
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.
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 ...
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.