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Hope you are not dependent on Social Security or need Medicare   The Newsy You: News of Today

Started Aug-8 by MerlinsDad; 1173 views.
MerlinsDad

From: MerlinsDad

Aug-8

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
https://www.cnn.com/2020/08/07/politics/social-security-medicare-trump-payroll-taxes/index.html

President Donald Trump's executive action deferring, and possibly forgiving, payroll taxes could leave Social Security and Medicare on even shakier ground.

The entitlement programs' finances have long been troubled. And the crush of coronavirus-induced layoffs has only deepened the problem by slashing the amount of payroll tax revenue going into their trust funds.
 
A big fan of payroll tax cuts, Trump signed an executive action Saturday deferring the employee portion of payroll taxes -- 6.2% for Social Security and 1.45% for Medicare -- for workers making less than $100,000 a year through the rest of 2020.
 
If he's reelected, Trump said, he plans to forgive the taxes and make permanent cuts to the payroll taxes.
"I'm going to make them all permanent," he said.
 
Otherwise, presumably, workers would have to pay the taxes at the end of the year.
 
Trump sought to include the controversial measure -- which won't do anything to help the unemployed -- in the latest coronavirus relief package currently being hashed out on Capitol Hill. Republican senators have refused to do so, so the President is taking matters into his own executive hands, saying it has wide support.
 
The Republicans have been trying to get rid of Social Security and Medicare for years.  This will merely speed up that process.  Here's an article Teresa Ghilarducci about the Republican goal of getting rid of Social Security and Medicare.
https://www.forbes.com/sites/teresaghilarducci/2019/08/23/trumps-second-term-plan-for-social-security-starve-the-beast/#7765f9073794
 

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.

MerlinsDad said:

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.

"It's not my business," Scrooge returned. "It's enough for a man to understand his own business, and not to interfere with other people's.
Mine occupies me constantly. Good afternoon, gentlemen!" - from A Christmas Carol by Charles Dickens
EdGlaze

From: EdGlaze

Aug-9

Even worse is the additional trillions the Democrats want to give away.

In reply toRe: msg 3
Showtalk
Staff

From: Showtalk

Aug-9

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.

  • Edited August 9, 2020 9:57 am  by  Showtalk
MerlinsDad

From: MerlinsDad

Aug-9

Why would you say that?

kizmet1

From: kizmet1

Aug-9

I had a post about a woman who turned 65, got Medicare and rushed to a dr because her toe hurt her. She had been wearing shoes purchased at an estate sale. She tossed out the shoes. Toe stopped hurting.
Thank goodness she had Medicare! (Her late dh had been an MD. She sold 2 houses when she moved to a different state)
EdGlaze

From: EdGlaze

Aug-9

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.

  • Edited August 9, 2020 2:02 pm  by  EdGlaze
Showtalk
Staff

From: Showtalk

Aug-9

Medicare worked.

Showtalk
Staff

From: Showtalk

Aug-9

They just print more. Problem solved.  

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