Posted on 04/01/2022 7:51:07 AM PDT by Theoria
Sen. Mitt Romney of Utah suggested that he'd favor cutting retirement benefits for younger Americans in a bid to stabilize safety net programs.
"If we're ever going to get a handle on our debt, we're gonna have to find a way to either increase revenue, which I don't favor, or find a way to adjust our long-term benefits not for current retirees," he said at a Senate Budget Committee hearing on Wednesday, seemingly ruling out any tax hikes.
"But for younger people coming along, we got to be able to find a way to balance these programs or we're gonna find ourselves in a heap of trouble," he said. He didn't specify which programs, but a pair of safety-net programs that provide benefits to retirees include Social Security and Medicare.
Romney's office didn't immediately respond to a request for comment.
Many Republicans at one point backed restructuring Social Security and Medicare benefits to reduce the national debt. Those programs make up around 41% of the government's budget and form a perennial target for conservatives seeking to rein in federal spending.
But President Donald Trump split the party from that approach and campaigned on preserving Social Security and Medicare instead — a breach of long-standing GOP calls to trim those programs and rein in federal spending. However, the debt swelled by almost $8 trillion under the Trump administration as a result of tax cuts and spending increases.
(Excerpt) Read more at businessinsider.com ...
As long as Mit has his.
So ... young people can pay the taxes that maintain the payouts to the older people, but the young people shouldn’t expect the payouts to be there when they themselves get old?
While taxing them all the more to support us geezers? What a guy!
If we’d allow people to opt out of “social security” and invest those funds on their own would be a great starter.
How about growing the economy and reducing junk spending so we won’t have to penalize today’s young people?
well, it’s either cut benefits or raise taxes. I’ll leave it up to the youth to decide which they prefer.
Translation: They take 12.4% of your wages over a lifetime then give you back next to nothing.
What about rights for dogs?
Romney is an eff’n moron. About 80% of government needs to be cut. But since Romney is part of the establishment, he would never want the lazy asses in government that don’t produce a damn thing to lose their employment.
Mitt really doesn’t want republicans to take the house and senate after the midterms
A person who is suppose to be religious. He doesn’t care for the people only lining his pockets. Wonder who has what on him.
Pierre should join Jen at MSNBC. I’d love to never hear from him again.
First really courageous stance he’s taken in many years.
“...young people can pay the taxes that maintain the payouts to the older people,
but the young people shouldn’t expect the payouts
to be there when they themselves get old...”
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Yes, that is exactly how ponzi schemes work.
It’s clear from projections into the future that Social Security will be unable to pay out all of the promised benefits into the future.
Something has to give. There will have to be some changes.
It’s likely that some combination of actions will happen, such as trimming benefits for future retirees, increasing the Social Security tax, or raising the full retirement age for future retirees.
Alternately, if nothing is done, and more money is created to pay out all promised benefits, resulting inflation will erode the buying power of the benefits received by future Social Security beneficiaries. And the net effect of that would be cutting back benefits.
Tough choices will have to be made to fix the problems of Social Security.
Don’t worry, they have trillions for everything else...
The Social Security trust fund currently has about 3 trillion in reserve.
The recent BuildBackBS bill that failed was larger than that.
When they want to spend they come up with the money.
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