If he cuts 10 trillion over 10 years and the economy grows 3 to 5 percent, we could finally start to reverse the direction of the debt.
Long term though, SS and Medicare are the killers.
I’m 48 and I want my SS, so I dont want it cut for those getting it now. Besides, the interest rate has been 0 forever so no raises in Benefits for a while now.
SS is the only thing too many older folks get.
I dont know the answer. Raising the retirement age?
Are you putting money into a Roth, 401K or IRA? If not you’ll be hard pressed to live on your SS.
We can start by getting rid of useless bureaucrats and boondoggles. There is so much waste to cut. Trump is creating jobs and business is paying the salaries. This will help boost the economy. And lower the debt.
Medicare and SS were paid into by the folks getting it. I get SS. (The wife’s medical plan means I am not on Medicare B yet) I would have preferred the choice of putting the money into 401ks etc. but wasn’t offered the choice. I paid for it and I will take all that I legally can.
There is no way that Trump can average $1 trillion per year in spending reductions without deep cuts to Medicare, Medicaid, Social Security, and other mandatory spending from the very start.
We're contemporaries but for the last decade the predictions are all that the SS trust fund will be empty right around 2035ish. In other words, we pay into it every day of our working lives, and it goes broke the day we retire. I'm making me plans on that assumption.
SS is a retirement fu7nd, paid into by employees and employers. The government takes it, puts it in general funds and eke’s out a pittance to the eligible payees. Stop the fraud. Give me my money back.
Also Medicaid. People have medicaid taken out of their full paychecks for decades to pay for their health insurance when they turn 65. But who gets medicaid? Apparently everybody who happens to be in the US, citizen or not, work history or no, who claims to be 65.
Actuarially the way to solve the problem is to do two things. First, raise the retirement age one month every two years. Second, take the cap off the tax paid into Social Security. Problem solved.