The above entitlement programs are on an unsustainable path that the Gen X and Millennial Generations will have to address.GOP Congressman Paul Ryan wanted to address these programs in a manner that would reshape the spending over a decade in 2018. Of course, the failed policy wonk that GOP Senator Mitch McConnell is, nixed the idea.
Here’s how bad the these automatic budgets will get for these two entitlement programs via the Washington Examiner:
Yet the main driver of soaring deficits is the Social Security and Medicare budget that will more than double from $1.5 trillion to $3.1 trillion over the next decade, as 74 million Baby Boomers retire.
Overall, Social Security and Medicare face a daunting $82 trillion cash deficit over the next 30 years. Failing to reform these programs would require either doubling all income taxes, or essentially eliminating nearly all remaining federal programs. The popular solutions are insufficient: Cutting the defense budget to European levels while doubling the 35 and 37 percent tax brackets to 70 and 74 percent would combine to close just one-third of the gap.
Yet President Trump’s budget, just like former President Barack Obama’s before him, simply punts on this vital issue.