Last December, Republicans in Congress passed a tax bill costing $1.5 trillion over a decade. It provides deep cuts to corporate taxes and delivers windfall gains to profitable firms and wealthy households. It guarantees a ballooning deficit, now at almost $900 billion. Republican leaders promise to fix the deficit by cutting Social Security and Medicare – programs working Americans contribute to and depend on!
About 62 million people, or more than one in six 6 U.S. residents, collected Social Security benefits in June 2018. Some 97 percent of the elderly (aged 60 to 89) either receive Social Security or will receive it. Older Americans constitute 80 percent of beneficiaries. Another 20 percent received Social Security Disability Insurance or were young survivors of workers who had died. Close to 60 million Americans are enrolled in Medicare.
The House Republican budget resolution for the current fiscal year cuts Medicare, Medicaid, Social Security, and Obamacare by $2 trillion. Instead of acknowledging that tax cuts for the wealthy made the deficit soar, Republicans want to cut payments to beneficiaries of Social Security and Medicare. Senate Majority Leader Mitch McConnell said this spending is “the real driver of the debt” despite the fact that a new study by Democrats on the House Joint Economic Committee shows that the estimated $2 trillion cost of the Bush and Trump-era tax cuts through 2025 matches the amount Republicans have proposed cutting from Medicare, Medicaid, Social Security, and Obamacare.
The total number of beneficiaries of Medicare, Social Security, and other programs facing cuts is 130 million people, which means those cuts will affect at least one person in more than half the households in the United States. The new study from the Democrats on the Joint Economic Committee estimates that an average beneficiary would lose more than $1,500 annually in services or tax credits, which is equivalent to 3.6 weeks of pay “for retail salespersons earning $23,210, the most common job in America.”
Where we got these facts