When the Social Security and Medicare trustees warned last week that both programs are on tenuous financial footing, Treasury Secretary Steve Mnuchin said: “The administration’s economic agenda — tax cuts, regulatory reform and improved trade agreements — will generate the long-term growth needed to help secure these programs and lead them to a more stable path.” He couldn’t be more wrong.
As more and more baby boomers retire, Social Security and Medicare will require additional revenue just to fund the same level of benefits enjoyed by previous generations. Yet instead of raising more revenue to help fund these programs, the Trump administration and Congressional Republicans recklessly pursued a package of tax cuts that the non-partisan Congressional Budget Office projects will reduce revenue by $2 trillion over the next decade. This law put Social Security and Medicare on a decidedly less stable path.
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