Donald Trump warned Tuesday that if the Democrats don’t approve funding, there are dangers to the future of Social Security and Medicare.
Trump said at a press conference that when he asked Democrats for feedback on the funding bills, one said, “It means death.”
“There’s nothing about death,” Trump said. “Theirs is death because they’re going to lose Medicaid, they’re going to lose Social Security, they’re going to lose Medicare, all of those things are going to be gone because the whole country would be bankrupt, and you’re not going to have any kind of medical insurance.”
Social Security is not part of the normal budget. It and the social security tax are kept separate from everything else. Congress is not having to decide how much to find it with every year because it’s cordoned off, and directly funded by it’s relevant income tax. It has been pulling in a surplus, and has funds in reserve. The point where we begin drawing down that reserve is coming soon though, which is why it keeps making news.
I love when nonamericans storm in here acting like authorities on American things they very clearly aren’t.
Listen to this folks, he’s right. Even when the reserve runs out of money in about 10 years under the current structure, tax revenues will fund about 80% of benefits on an ongoing basis.
To everyone who says Social Security isn’t sustainable: it’s very sustainable. Just at around 80%.
To fund it at 100% long into the future they just need to raise the cap on taxable income.
Also! If it wages weren’t so dismal, for so long, social security would not be having this issue at all.
We could fix social security by increasing the minimum wage to something that want an absolute joke without ever touching the Social Security laws directly.
Although the cap should be raised, too. It is laughably low.
The solution is so simple and painless that every American should be furious that SS is EVER used as a political football. Fuck the rich, raise the cap, from the bottom to the top.
Yes. Or just remove the cap entirely.
Lol, I’m American, you just can’t spell. Cheque is the correct way to spell it, check is incorrect. You also don’t know how SS actually functions. Congress has treated it like a slush fund for decades and constantly steals money from it. And yes it is a budget item that gets voted on like anything else. You might think it’s an independent account, but that’s just the way it’s reported on the accounting forms, absolutely nothing is stopping Congress from taking those funds and spending them on whatever they want and in fact on many many occasions they’ve done exactly that.
Congress doesn’t even need the revenue from any taxes to just spend whatever it wants. The US has been borrowing money to cover its budget for all but like 3 years of my life.
The few times they did explicitly borrow that money from the social security fund, they replaced it with Treasury bonds, which is a certified debt and accrue interest and not paying those back would remove Congress’ ability to borrow any more money for probably decades. So no, they’re not stealing that money - that has been a long time conspiracy theory that people who want to kill Soc Sec like to spread.
And no one in the US spells it like that, no.
The US doesn’t need to borrow money as long as the USD remains the world’s reserve currency.
Which is why we are completely fucking ourselves by burning all of the good will we’ve built up since WW2.
No, it DOES need to borrow money. Being the world reserve currency just let’s it do so to an exceptional degree. It does this by selling Treasury bonds.
Read about Modern Monterey Theory.
It’s all made up, and we print it. We can do whatever we want with it.
Or we could, before our own government started sabotaging our standing in the world.
Issuing bonds is the mechanism by which they do what you’re saying. The US, by law, currently cannot just print more money to pay off it’s debts. It can print money to buy bonds through the market in some convoluted nonsense, but that direct print to debt that your saying isn’t a thing.
Cheque and check are two different things you’re just uneducated. A check is the mark you make to select a box, while a cheque is the thing you write to transfer money from one bank account to another. They’re different and yes people all over the US know the difference between the two.
I’m aware of what those using British English would argue. But no official documents (laws, forms, government regulations) in the US use that spelling. It’s check here.
Claiming someone else is uneducated because they’re not being an uppity contrarian to how every single official source in the entire country spells something…is just stupid.
It’s been this way since Webster out out his 1806 dictionary. Go argue with him about it.
Pot, meet kettle.
Treated it like a slush fund? How? It’s time to stop taking what your racist uncle tells you at Thanksgiving as the truth.