Once again, the GOP’s all-out obsession with cutting social insurance programs — by claiming they are reducing the national debt — is going to be catastrophic for those relying upon meager Social Security payments and Medicare. Congress should publicly debate proposals to slash social benefits rather than use the arcane language of budget process to hide an unpopular agenda from voters.
The nonpartisan Tax Policy Center estimates that President-elect Trump’s tax plan would decrease revenues by $6.15 trillion in the first 10 years. Paying for this would mean cutting Social Security by $1.7 trillion, Medicare by $1.1 trillion, and Medicaid by nearly $700 billion. The average monthly Social Security benefit is roughly $1,240, and these cuts would reduce this benefit by $168 per month, or about $2,000 per year.
Don’t believe what Trump or his GOP allies are telling you about tax cuts and federal debt reduction. In the end, someone always pays. It will be you.