Welp, us Gen Xers and Millennials might be boned out of retirement:
Social Security's trust funds will be tapped out by 2035, according to an annual report released Monday by trustees of the government's two largest entitlement programs, the other being Medicare.
Trump and Mitch McConnell blew up our national debt to the highest level in history with their $1.5 trillion tax cut for the super wealthy, while the IRS admitted that everyone else got screwed this tax season. This, coupled with the $675 billion given to the Department of Defense, blew quite a massive hole in the budget for a party that formerly claimed it was all about fiscal restraint.
The runaway spending served a secondary purpose for McConnell: it allowed him to argue that in order to pay for their tax giveaway to the rich, his party would pursue gutting Medicare, Medicaid, and Social Security. He was pretty damn petty about it, too, saying “It’s disappointing, but it’s not a Republican problem.” He’s wrong, it is a GOP problem, but they just aren’t interested in fixing it. Trump’s budget also calls for gutting the programs, after he promised he would never touch them.
This disaster was created during the short time Trump’s GOP was in control. It’s interesting to note, for comparison, that every time Democrats have had the national government trifecta, life improved for millions.
Franklin Delano Roosevelt saved us from the GOP depression, and created the most popular program in US history, Social Security. In 1964, the Dems gave America Medicare, the Voting Rights Act and Head Start. In the early 90s, Bill Clinton enacted the Family Medical Leave Act, tax cuts for those who needed it, and left a federal budget surplus for the first time in 30 years. In 2010, Obama reversed the economic crisis Bush left under the American Recovery and Reinvestment Act, and created a booming economy. Oh… and he gave everyone healthcare. (BTW, that Affordable Care Act is the sole reason that Social Security Disability claims were given an extra 20 years of funding due to the Medicaid expansion.)
Here’s a fun exercise: look at any time period when conservatives controlled everything, and ask what was accomplished. You will see that they always enact tax cuts for the those at the top, explode the deficit, take away middle-class protections, botch disaster relief, and do their level best to ruin the stewardship of the previous economy left by Democrats. Usually, there is an added atrocity or two, such as starting a war under false pretenses or caging children.
Bitter conservatives have, for years, tried to dismantle all of our progress we’ve made for the past eight decades. They love going after America’s successful social programs, including Social Security, Medicare, and Medicaid. Sadly, if Democrats don’t take back our country, we’ll lose them as we know them.
Americans have paid into Social Security their entire working career, and now we are being told it will run out by 2035. The trust fund for Medicare is also in deep trouble, and is on track to being depleted in seven years.
It is critical that Democrats win back the Senate and presidency in 2020. Once that happens, the solution will be pretty easy using the simple-majority budget reconciliation process:
Currently, only income below $132,900 is subject to Social Security tax. By simply removing that limit and subjecting all income to the tax, the Social Security trust fund will be solvent forever.
In other words, people like me have their entire income stream taxed for Social Security, which is at 6.2 percent. However, Sean Hannity gets taxed at less than one-half of one percent from his 36 million dollar Fox News salary.
The only people who oppose this needed fix are multi-millionaires, billionaires, greedy mega-corporations, and the GOP base.
This fix should have been done the last time the Democrats had full control. We don’t have a tough decision to make, we just need the majorities next election to be able to make it.