Trump's economic policy is becoming clearer by the day: forget fiscal responsibility. One of his latest is to exempt all Social Security payments from federal taxes, is the height of irresponsibility.
The Committee for a Responsible Federal Budget (think fiscally responsible group) concludes his proposal would:
The Committee for a Responsible Federal Budget (think fiscally responsible group) concludes his proposal would:
- Increase deficits by $1.6 trillion to $1.8 trillion through 2035
- Increase Social Security’s 75-year shortfall by 25 percent – or 0.9 percent of payroll
- Nearly triple the Medicare HI 75-year shortfall, increasing it by 0.6 percent of payroll
- Advance the insolvency date of Social Security’s retirement trust fund by over one year
- Advance the insolvency date of the Medicare HI trust fund by six years