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CBO: Medicare, Social Security and Debt Interest Driving Deficits
by Causes
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  • Linda
    Voted No

    Since Social Security (SS) is not part of the General Budget, cuts to SS do not help with budget gaps or the deficit. That’s a TAX ISSUE. Increase taxes to generate funds for the General Budget needs and to pay for maturing SS Treasury Bonds. During the Kennedy Administration, Congress used Social Security funds as a money source, and the downfall of SS began. Soon there will be less paid into SS by workers than there is money needed for recipients . That’s a minus amount of available money, so Congress must do something soon. GOP wants to implement cuts to SS recipients. SS cuts would put retirees further below the poverty level. No one who invested in SS retirement program should receive benefits below the poverty level of $12,140. Congress issuing Treasury Bonds instead of repaying the borrowed funds was a neat swap for them. But these bonds will mature, and Congress must find the money to pay it. Expanding the wage cap to meet this shortage has been the standard solution. Then Congress can claim to have saved SS, when in actuality, they broke it. This has to be addressed, so bite the bullet. Repeal the 2017 tax cut to end General Budget shortages and to bring in funds to pay the pending Treasury Bonds at maturity. Congress must end future tax cuts until the deficit is paid off. Fair taxation for all is needed.

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