Washington Post: Executive Order would have “catastrophic fiscal effects on programs including Social Security”
Following President Trump’s announcement of an executive order that would defund Social Security and Medicare, Washington Republicans have an obligation to state whether they support the President’s plan to rip these lifesaving programs away from American seniors in the middle of the COVID-19 pandemic.
Statement From DCCC Spokesperson Robyn Patterson
“We’re in the worst economic downturn since the Great Depression. The American people deserve to know if Washington Republicans support President Trump’s plan to defund Social Security and Medicare and deliver a devastating blow to seniors already reeling from this health and economic crisis. House Republicans can’t just sit on the sidelines as the President guts crucial lifelines that millions of Americans rely on while continuing to not prioritize those most hurt by the crisis.”
These attacks on Social Security and Medicare are not new. In 2017, House Republicans supported a plan to cut taxes for the rich while jeopardizing Social Security and Medicare.
IN CASE YOU MISSED IT…
President Trump pledged on Saturday to pursue a permanent cut to the payroll taxes that fund Social Security and Medicare if he wins reelection in November, a hard-to-accomplish political gambit that some experts see as a major headache for the future of the country’s entitlement programs.
In doing so, though, Trump would be embarking on a fraught process that could have catastrophic fiscal effects on programs including Social Security, which watchdogs recently have warned is in dire financial straights, expected next year to have costs that exceed its total incomes.
Shortly after Trump issued his directive, the AARP raised a series of potential problems created by the president’s order, including for employers who have to track the deferred taxes and new economic anxieties for the nation’s retirees.
“Social Security is more crucial than ever as Americans face the one-two punch of the coronavirus’s health and economic consequences,” Nancy LeMond, the group’s executive vice president, said in a statement. “But, this approach exacerbates people’s already-heightened fears and concerns about their financial and retirement security.”