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Trump's executive action to defer payroll taxes for the rest of the year could have a drastic impact on Social Security and Medicare in the very near future.
bolding mine --MD
news item by Tami Lyhby
Donald Trump won’t say it, but Republicans in the Senate will: Social Security and Medicare would be on the chopping block in a second Trump term. Pointing to rising deficits, Republican senators have all but promised to gut entitlements if Trump gets four more years.
Sen. John Thune (R-SD), the second-ranking Senate Republican, expressed hope to the New York Times that Trump would be “interested” in reforming Social Security and Medicare. Sen. John Barrasso (R-WY) was even more optimistic. “We’ve brought it up with President Trump, who has talked about it being a second-term project,” Barrasso said. Senate Leader Mitch McConnell (R-KY) has made no secret of wanting to cut Social Security.
In using deficit fears to target entitlement programs, many Republicans are hoping to use Trump's second term to cut Medicare and Social Security. First, expand deficits through tax cuts, then declare that spending must be slashed. The chief target of these proposed cuts is Social Security, which historians have noted the mainstream Republican party has long sought to diminish, privatize, or both.
Now Trump is saying it and using an executive order to do it, presuming, of course, that the order is legal and will be allowed to stand..
Of course, this won't help unemployed folks, but that is not the intention. He's creating a smoke screen of "helping the worker" to speed up the demise of social security and Medicare -- in the next very few years.
Hope you're not dependent on Social Security for income.
Of course, this won't help unemployed folks, but that is not the intention. He's creating a smoke screen of "helping the worker" to speed up the demise of social security and Medicare -- in the next very few years. Hope you're not dependent on Social Security for income.
... I don't make merry myself at Christmas, and I can't afford to make idle people merry. I help to support the establishments I have mentioned--they cost enough; and those who are badly off must go there."
"Many can't go there; and many would rather die."
"If they would rather die," said Scrooge, "they had better do it, and decrease the surplus population. Besides--excuse me--I don't know that."
"But you might know it," observed the gentleman.
Even worse is the additional trillions the Democrats want to give away.
Only during a political election period, could a temporary extension of benefits be considered bad. From a nonpartisan, usually left leaning fact check siteL The whining from Congress now after they could not come to an agreement for political purposes takes blame off of themselves. Both sides spent trillions already.
I tend to think greatly increasing the national debt by several trillion with Covid giveaways affects SS and Medicare, as well as other budget items, especially since tax revenues are corresponding down.
They just print more. Problem solved.