I was a bit taken aback when I heard a news report that Medicare would be broke in 2026 and Social Security would follow in 2034! Our president pushed a 20 percent tax cut for business and high-earners that is permanent, and a temporary tax cut for everyone else. Inflation has already taken any benefit away from the lower end.
At the end of the first quarter, the S&P 500 companies used their tax savings for a dividend payment to stock holders, and Dow companies put their savings into the profit column. No benefit to the taxpayers who are stuck with the larger federal deficit.
Millions of people are on Social Security now. For most, it is their only source of income. They spend all of their money – a huge economic engine. Will this country let the system fail?
Here is the fix. Make it legal to purchase health insurance across state lines, lowering the cost of premiums with competition. Repeal the Trump tax cuts, and direct some of that money to the program. Make Medicare the national health insurance and provide low-cost premiums, creating cash flow. The cost of living raise should be reviewed every 10 years. Stop the survival benefit. For young people, offer a 401(k)-type benefit direct for them at their age. In the event of death, money is spread over the program.
If we don’t act now, in eight years, if this program fails, America fails!