Will the new tax plan mean the end of Social Security and Medicare as we know it?
In fact, both the nonpartisan Congressional Budget Office and the Joint Committee on Taxation estimate that, even assuming historically high levels of growth, the pending tax cuts will still add over a trillion dollars to the debt over the next 10 years. Similarly, a recent survey of 38 leading economists unanimously agreed the GOP tax bills would cause the U.S. debt to increase substantially faster than the economy.
Ordinarily, projections like these would stop true Republican deficit hawks in their tracks, except for the fact that soaring debt projections are exactly the point of these tax cuts. The thinking is pretty simple, if cynical: if you cant muster the support to cut entitlements outright, just make future benefits impossible to pay for.
Republican leadership has already tipped their hand toward this starve the beast strategy. In a recent interview, Speaker Paul Ryan said his members have to get back next year at entitlement reform, which is how you tackle the debt and the deficit. Staying on message, Senator Marco Rubio reiterated that you also have to bring spending under control. . .The driver of our debt is the structure of Social Security and Medicare for future beneficiaries. And President Donald Trump announced last week that welfare reform will take place right after taxes, very soon, very shortly after taxes.
https://www.marketwatch.com/story/will-the-new-tax-plan-mean-the-end-of-social-security-and-medicare-as-we-know-it-2017-12-13
Angry Dragon
(36,693 posts)Raster
(20,998 posts)...to rationalize this betrayal that ultimately enriches and provides for the most wealthy among us.
unblock
(52,230 posts)they overspent, in their case on military (e.g., afghanistan) and left themselves unable to pay for what they needed to keep the soviet union together.
republicans are playing with fire if they think they can effectively bankrupt the federal government and somehow contain the damage to just the programs they despise.
bronxiteforever
(9,287 posts)MichMan
(11,930 posts)The debt has increased 8 trillion over the last 10 years
I realize much of that was due to the recession and it would be nice for it to actually go down and not up, but in context, I'm not sure another trillion is that significant
[link:https://www.usgovernmentspending.com/spending_chart_1960_2021USb_XXs2li111mcn_G0f|
stuffmatters
(2,574 posts)MichMan
(11,930 posts)If PayGo means every debt increase means automatic cuts, how can they claim the debt will increase by 1 trillion then? Wouldn't the automatic cuts have to offset the tax cuts making the net debt increase zero?
stuffmatters
(2,574 posts)red dog 1 post today "GOP Tax Cuts will Trigger Sequestration" by John Peebles is useful for you to read.
NCjack
(10,279 posts)The rich benefited from the increase in the debt. Require them to pay if off.
BigmanPigman
(51,593 posts)Get off your asses and CALL, CALL, CALL AND DO IT NOW! This is crucial. I am fighting to save my country. I am more of an American than the entire GOP combined. They want to kill AND bankrupt us and will do it IF WE LET THEM! Please tell your friends and family and spread the word via social media. The grass roots efforts have stopped major legislation from passing all year. This is the final stretch. McConnell and Ryan have been dreaming about this. They are the sick sociopaths that think we are lazy and take govt handouts to pay for booze and women and expensive cell phones (Grassley and Hatch actually said so). They will rewrite the rules and push this shitty bill through fast now since they are scared. They should be...only 28% of Americans support the bill and they DO NOT CARE. They have to pay their rich donors and the 1%. This means that we must fight for our country. Call both houses...It does have an impact! Call (202)224-3121 Call and pressure them until we KILL THE BILL or they will bankrupt and kill us via ending the ACA, Social Security and Medicare.
https://notonepenny.org/take-action/?p2asource=20171204tmemail
https://www.trumptaxscam.org/what-now
THANK YOU!