Posted on 12/02/2017 7:19:50 AM PST by Mariner
Florida Senator Marco Rubio admits that the Republican tax cut plan to aid corporations and the wealthy will require cuts to Social Security and Medicare to pay for it.
Rubio told reporters this week that in order to address the federal deficit, which will grow by at least $1 trillion if the tax plan passes, Congress will need to cut entitlement programs such as Social Security. Advocates for the elderly and the poor have warned that entitlement programs would be on the chopping block, but this is the first time a prominent Republican has backed their claims.
“We have to do two things. We have to generate economic growth which generates revenue, while reducing spending. That will mean instituting structural changes to Social Security and Medicare for the future,” Rubio told a crowd at a Politico conference. Rubio's talk of structural change is vague, but will likely include changing the rate and age of Social Security and Medicare payouts.
(Excerpt) Read more at yahoo.com ...
“”which will grow by at least $1 trillion if the tax plan passes””
What’s the big deal? I think I read that the trillion dollar figure would be over a decade. obozo managed that in just one year....every year...
Interesting stats:
https://www.thebalance.com/us-debt-by-president-by-dollar-and-percent-3306296
bookmark
I appreciate your sentiments, but Social Security and Medicare is where the money (deficit) is at. Both programs are ponzi schemes and the money we paid into the programs has been spent ten times over by Congress. Rubio's statement may be political suicide, but it is the brutal truth.
a good place to start cutting social security & medicare is by building the wall, extreme vetting, end chain migration, and putting a stop to the quantum expansion of illegal immigrants that get subsidized with benefits for life in exchange for their vote to keep it coming.
Trump has a big rally coming up in the Florida pan handle...maybe he'll address them there.
As far as I’m concerned, that is an impossible question to answer.
Years ago I remember reading that the government had to produce a PROFIT and LOSS STATEMENT every year. Have you ever seen one? I sure haven’t.... I’ve prepared lots of them for various companies I worked for over many years but have never seen any from the U.S. government!
People I know who have applied to receive Soc Sec disability have waited years to get this benefit. Countless visits to doctors, countless interviews, shuttles back and forth and endless paperwork to fill out.
I’m sure there are jackasses who get disability, either thru work/state/SS who can work. But I’ve seen more “fakers” where I work (self insured disability) than thru SS. I also realize this has to do w/ the type of people I come in contact with/know.
When I broke my leg and had to have an operation, our loss control person wanted to know how long I would be off work. I said I wasn’t taking any time off. She was stunned. She said “you know, everyone takes at least 5 days off”. Self insured system allows for a bit of ‘cheating’. I declined to partake.
You could have stopped at Rubio is an idiot. :)
“Structural changes for the future” is a little different than what the media stated.
More fake news.
This should be of no surprise. Obamacare has been slowing social security and Medicare funds for years. It is within the bill that less funds are going toward the two funds since the ACA was put in.
It was estimated that both funds were going to go extinct originally in 2032 after a 10 year insolvency. While the feds continue to rob funds, and according to former Arkansas Gov. Mike Huckabee in a speech in 2015 had, at that time, caused the removal of $700B from the funds in the short lived ACA implementation, it is cutting the full capacity of the funds dramatically.
The latest numbers from Money magazine indicate that the fund will survive to 2035. But paying out only 79% of it’s commitments starting next year. Otherwise, it will go broke prior to 2025. Not insolvent, broke.
rwood
1. As the economy grows with more industry and businesses of all types, employment will grow and the huge pool of unemployed will be reduced thereby reducing benefits being paid to them which is in the billions. Plus they will also become active taxpayers which they are not now.
2. Trump is downsizing all government entities, except the military. It is happening even now - big savings.
3. There is a formula that shows that for every percentage point of economic upturn, dept is reduced by a certain amount. I don’t know the formula, just that it exists.
Yes, we do need to reduce more spending, but what is happening now will have a significant effect, IMO.
I bet the figure is 50% or more.
Little Marco is an idiot. He ought to just declare himself a dem and get it over
“Social Security is backwards. I took early retirement. I was limited to how much I could make outside of the system. 14,500, before I think was the number. IF I reach full retirement-66, I can make all I want.”
As if I will be able to work that much by then. It should be the other way around. At early retirement, you should be able to make, say up to, 40 or 50 grand. Then that falls off to the present 16920, which is the max now, when you reach full retirement age. Those people, like myself will be adding into the system while collecting it.”
I got early retirement when I was 56, and part of my monthly retirement check was equal to what I would have gotten at age 62.
I paid both sides of the SS and Medicare, after that and California’s insane income tax. I netted 46%.
The month I turned 62, the SS amount was deducted from my retirement check immediately even though it took a couple of months to get on it.
Our CPA called both of us in to explain what would happen if I continued to consult and made the same $’s as last year.
I would face the penalties that you mentioned besides the taxes noted above.
My wife was not hot on the idea, finally our CPA told her to buy a new Homer’s bucket, fill it up with money and sit in the back of my pickup throwing good money away.
So, I retired and my wife continued to work. She is a couple years younger and at age 66 or 67 she started drawing SS and there was no limit on her salary before penalties. She worked until she was 72.
American Express statement, Little Marco?
IMHO, both!
How about cutting all the illegals on SS?
And then cutting all the fakers on SS disability?””””
EXACTLY !!!!
Anyone here on FR who is also on SS get their new numbers for 2018???
Foam Boy is in charge, don’t you know?
Who you gonna believe: L’il Marco or President Trump? Hmm, decisions, decisions.
With the GDP now at 3.3% over the anemic 1.1% of bh0’s years, the increase in business means an increase in tax revenue, even with lower overall tax rates. I guess the zero-sum Dems and anti-job growth folks want to limit business and employment growth and keep the illusion of higher taxes means more income. Look back at the Reagan years were we had a 20 year job and people’s income boom from his tax cuts.
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