Well, duh.
Anyone who has taken a look at the federal government’s books lately would know that entitlement spending is out of control and that these programs are on the cusp of insolvency.
Although this has been warned about before by Washington’s agencies, Social Security and Medicare’s pending insolvency was talked about again on Monday. This time by the Social Security Administration (SSA).
The report states that Social Security will go bust by 2035 and Medicare will be in the red by 2026. Now, these are improvements from previous reports that peg the numbers at 2034 and 2025, respectively.
The trustee further reports that SS costs will exceed revenues next year.
Ostensibly, acting now rather than later has become bipartisan. Sort of.
Some Republicans have called for means testing, raising the eligibility age, and reducing benefits. The Democrats, meanwhile, have proposed two things: raising taxes and calling President Donald Trump literally Hitler.
“The programs that millions of Americans pay into and expect to have in the future are going broke — driving up federal spending, growing our deficits, and crowding out other priorities in the process. We cannot afford to ignore this reality any longer,” said Steve Womack (R-AK), ranking Republican on the Budget Committee, in a statement.
There’s nothing the U.S. government can do to save entitlements, except to slash and burn the federal budget and end the wars. But that’s not going to happen.
Yeah, let the old and disabled die. The U.S. needs that money to finance the never-ending (and profitable) wars on drugs and terror.
I agree sharonsj – I retired from the USAF in 1995 and the DoD budget was 499 Billion dollars adjusted for inflation in 2019 dollars. Why are we spending 47 % above inflation, 738 Billion dollars on the WAR budget? Ans.-
GREED of the military industrial complex, that is why. Many of the DoD jobs that used to be done by the troops are now done by contractors at double and triple the cost.
Check out the audio book WAR IS A RACKET by Maj. Gen. Smedley D. Butler. Free, on youtube. It is about the millions of tax dollars that were wasted during WW1. Now we are wasting billions of tax dollars and we are not safer only poorer.
The sad fact is our politicians are wasting almost 1 trillion dollars per year that the US government must borrow and then pay interest on, while never paying any of the debt down.
The government projects it will pay out a total of $593.1 billion in interest in fiscal 2019, which ends Sept. Jul 24, 2019.
The interest payment is over half of what we spend on Social Security for 2019.