Trump's shiny tax cut plan has a $1.5 trillion problem
Congress is speeding toward a budget plan that, in the name of cutting taxes, lets the government collect $1.5 trillion less revenue for the next 10 years.
One big problem: The government needs more revenue as it is — a lot more. The biggest reason is as simple as it is inevitable: Millions more Americans retire each year to go on Social Security and Medicare.
In January, the Congressional Budget Office projected a 2018 budget deficit of $487 billion, rising to triple that size by 2027. The cost of benefits for aging Baby Boomers propel those rising deficits.
Already, Social Security and Medicare comprise about 40 percent of federal spending and 8 percent of the economy. The only way for those numbers to go is up.
https://www.msn.com/en-us/money/markets/trumps-shiny-tax-cut-plan-has-a-dollar15-trillion-problem/ar-AAtX4YM?li=BBnbfcN&ocid=edgsp
Guess that's why they want to cut $500 billion from Medicare and $1 trillion from Medicaid.
