Social Security and Medicare Cuts Are Coming, Whether Politicians Do It or Not – By Veronique De Rugy (Reason) / Feb 16, 2023
As legislators refuse to act, benefits will be cut without any possibility of sheltering those seniors who are poor.
President Joe Biden tweeted last week that he will be a “nightmare” for Republicans who dream of cutting Social Security and Medicare. With this statement, Biden showed that he’s either shockingly ignorant about these two programs and any Republican reform efforts—or lack thereof—or just another politician who washes his hands of what happens when he’s out of office and the programs hit upcoming obstacles.
I have an idea which one it is. However, before revealing my guess, it’s worth revisiting the issue more fully. Each time I write about Social Security and Medicare, newspapers receive letters to the editors revealing how little the general public understands about entitlement spending and where it’s headed. This misunderstanding is particularly acute and ominous when it comes to Social Security.
It’s important for people to grasp reality because no single issue will affect our fiscal future more than Social Security and Medicare. Spending on these two programs alone consumes 45 percent of the federal budget. Along with Medicaid, these programs are the drivers of our current and future debt. And to drive home the seriousness of our predicament, note that Medicare and Social Security together face a shortfall of $116 trillion over the next 30 years.
