OPINION: Yes, Social Security and Medicare are under threat. The trust funds will run out soon, and many people depend on these benefits to survive.
If you’re actually hoping to retire at any point, the chances are you’re going to need Social Security, Medicare, and Medicaid.
Much deeper cuts are looming — for your Social Security and your Medicare benefits. The president himself recently hinted as much, when he agreed on TV that “reforming” these entitlement programs, the standard euphemism for cutting them, was going to be on the table. OK, so maybe there’s a third solution. Maybe Uncle Sam can just borrow all the extra money. Indefinitely. Alas, we’re already borrowing with both hands. The CBO currently predicts that the national debt by 2035 will be around $42 trillion, or about two and a half times the figure today.This is the essential background for talking about Trump’s tax cuts. They are already on track to add nearly a $1 trillion to the deficit in just a few years. These are the White House’s own numbers.
And, yes, these numbers already factor in any growth resulting from Trump’s policies so far, and his administration’s very optimistic forecasts for the years ahead. Let’s also remember that president Trump has unveiled sweeping spending cuts in his latest budget proposal to help restrain the ballooning deficit.
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