The current Trust Funds total almost $3 trillion, more than enough to cover the shortfalls while negotiators work out an alternative to the payroll tax.
Trump has stated repeatedly that he wants to protect SS and Medicare. Payroll taxes are just one way to fund these programs. There are other, better ways to do it. SS was developed in the 1930s and Medicare in the 1960s. It is time to restructure the funding mechanisms, which are on automatic pilot. 40% of all Medicare expenditures come from the General Fund, by law. The premiums we pay for Medicare Part B cover only 25% of the costs, by law. The rest comes from the GF. Medicare will consume most of the federal budget if not reformed. In 10 years the number of people over 65 will double. One-third of our population will be over 65 by 2030.
It is not a matter of whether the Reps and Dems WANT to work together. They MUST work together to avoid a crisis where SS and Medicare recipients will have their benefits cut by 20%, by law. Doubt the politicians will buck the firestorm of protest that will remove them from office. The pressure will be enormous. It will overwhelm any who stand in the way.
What would that alternative be?
Trump has stated repeatedly that he wants to protect SS and Medicare.
He has said that, yes.
Payroll taxes are just one way to fund these programs. There are other, better ways to do it.
For example?
It is not a matter of whether the Reps and Dems WANT to work together. They MUST work together to avoid a crisis where SS and Medicare recipients will have their benefits cut by 20%, by law.
So eliminating Social Security and Medicare funding is a ploy to get the Republicans and Democrats to work together? You really think that Washington is capable of doing that? With the "leadership" we have? Really?