I'm sorry, Adam, but as soon as I hear you say "entitlements", I get enraged. I worked for every penny I'm getting on Social Security. It is NOT an entitlement!
Don't let Republicans, even "reformed" ones, push you away from the word "entitlement." The fact is you ARE entitled to Social Security and Medicare BECAUSE you paid for it. If you paid for a TV, wouldn't you feel entitled to take it home? If you pay ANY insurance, don't you feel entitled to payments when you make a claim? Social Security and Medicare are no different. Don't let Republicans scare you off the word that defines the bargain the government made with its citizens: You pay the premiums, you are entitled to what you paid for.
I feel that all social security payments are not equal. Some of us are forced to now live on under $2000 a month in today’s economy, and that IS what SS was intended to be; a safety net for those of us who were not able to succeed in securing our American dream before our older years hit. Then there are those whose monthly SS check is thousands of dollars that is supplementing their American dream lifestyles….those who can cut back, should.
The law that granted government workers who collect pensions to receive Social Security benefits they never paid into should have been "income tested." It would have helped Americans with smaller pensions rather than large ones, too. My sister collects an $80,000 a year teacher's pension and now gets half of her husband's Social Security check--an additional $1400 a month, complete with back pay. How does that make fiscal sense?🤷♂️
You need to do a little more actuarial sniffing, actually. A small portion of what you get in Social Security is what YOU put into the system. A much, much larger portion is what OTHER people put into the system on your behalf, with the expectation born of a social contract that when it's their time, someone else will do the same for them as well.
Nothing is wrong with that kind of arrangement. It actually builds intergenerational trust, as well as political solvency, until the day comes when too many retirees survive on the backs of too few active workers. When it was inaugurated in 1935, one retiree was supported by about 13 active, working adults. Today, that ratio is closer to three, or even two, to one. You can think longer life expectancy for that one.
Do the math. Yes, it will help if the absurd cap on Social Security taxes is removed. That's the easiest fix to make. But it isn't enough to restore full solvency. Something else has gotta give. The first is the attitude that "I earned every penny." You simply didn't. The more people educate themselves, the quicker we can move back to sitting at the table and figuring out a better way forward.
Don't let Republicans, even "reformed" ones, push you away from the word "entitlement." The fact is you ARE entitled to Social Security and Medicare BECAUSE you paid for it. If you paid for a TV, wouldn't you feel entitled to take it home? If you pay ANY insurance, don't you feel entitled to payments when you make a claim? Social Security and Medicare are no different. Don't let Republicans scare you off the word that defines the bargain the government made with its citizens: You pay the premiums, you are entitled to what you paid for.
If you don't distinguish between temporary deficit increases and structural debt, you're not discussing this issue seriously.
Since Clinton, ONLY the GOP has systematically and massively increased the structural debt (= debt that no future administration can erase with the stroke of a pen, so that keeps growing anyhow), while Democrats have systematically CUT the debt and deficit. Democrats only made exceptions for TEMPORARY deficit spending to deal with a huge crisis (the 2008 financial crisis caused by not enough regulation, covid, ...). And these bills help the 99% survive during huge crises, whereas the GOP bills that create massive structural debt increases only make the 1% wealthiest wealthier.
Also, since Clinton already, Democrats systematically apply the "pay-as-you-go" rule. That means that no bill leaves Congress that isn't fully paid for, so that doesn't include measures to guarantee that it won't add to the deficit or debt. Obamacare for instance LOWERED the deficit compared to where it would have been had the previous HC system continued. It also gave millions of Americans what citizens of Western democracies outside the US had for decades: real, collective health insurance.
And yet, time and again, the GOP lied and lied about "fiscal conservatism". As soon as it took over DC, the FIRST thing it did was drop the "pay-as-you-go" rule. Again and again.
I'm happy that you finally address this issue, but I'm not sure that today, you get reality as it is: the ONLY truly fiscal conservatives, for decades now, are Democrats. Republicans have constantly done the exact opposite.
And then there is the utter economic ignorance and incompetence of Republicans. You do NOT cut the deficit when the economy is recovering from a Great Recession. That is just irrational behavior. You cannot be a responsible householder if you indulge in irrational thinking. Facts are facts.
Obviously, today we know why back then the GOP spread so much fake news (including the creation of the Tea Party): studies have shown that as soon as Obama won (with a whopping 80% approval rating after he was sworn in), the GOP leadership got together and started focusing on only ONE goal: making Obama a one-term president. How? By lying and lying and lying, all while blocking any evidence-based legislation that would benefit the American people.
Clinton ran a surplus, which caused a recession. Federal deficits are necessary for economic growth. The US has had seven depressions -- all came after federal surpluses. The so-called "debt" merely is deposits into savings accounts at the Federal Reserve Bank. This has no impact on federal spending or on taxes. The purposes of the T-bills are to provide a safe storage place for unused dollars --just like private savings accounts -- and to help the Fed control interest rates by setting a floor rate. PLEASE, EVERYONE. STOP WORRYING ABOUT THE DEBT AND CALL IT BY ITS REAL NAME: "DEPOSITS."
Demonstrably false. All mainstream economists agree: the 2001 downturn wasn't caused by a surplus at all.
Just try to imagine how your hypothesis would work, so tell us why exactly not having any government debt at all would somehow cause a recession, and try to back up your arguments with evidence.
I too cringed when the word entitlements was used. We worked hard and paid into Social Security and Medicare. And we still pay for insurance coverage at age 78. We need to change that word. Thank you for the article.
Agree Jane. I say I am entitled to my social security because it’s MY money that I paid into the coffers. So yes I’m entitled to take MY OWN money out to live on now that I’m retired.
Don't let Republicans, even "reformed" ones, push you away from the word "entitlement." The fact is you ARE entitled to Social Security and Medicare BECAUSE you paid for it. If you paid for a TV, wouldn't you feel entitled to take it home? If you pay ANY insurance, don't you feel entitled to payments when you make a claim? Social Security and Medicare are no different. Don't let Republicans scare you off the word that defines the bargain the government made with its citizens: You pay the premiums, you are entitled to what you paid for.
That is because that is what it sounds like when it comes out out of a Republicans mouth. It is said with disdain, like we have our hands out begging for something.
But it is also available to some non-working people, like the disabled, surviving spouses who may not have their own SS, or people with dependent parents.
There is one important difference you forgot to mention. The debt the Democrats ran up would have been paid for if Republicans didn't undercut their programs out of spite when they came into power. Republicans were responsible for about 3/4 of the debt with their endless wars and tax breaks for the rich and never had a plan to pay for their debt. Democrats have been cleaning up Republican messes for more than 50 years. I voted for some of those responsible for running up the debt because I believed Republicans were still the party of national security. It took Clinton to get the country out of debt from Reagan and George Bush. I voted for both presidents. GW Bush and Trump are almost completely at fault for our debt along with the Republican majority.
Add to the fact that the hard choices weren't made, not just in 2010 but over decades, to manage the debt the realization that the vast majority of tax cuts over the past decade have disproportionately benefitted people who didn't need them and contributed to the argument for further gutting programs like Medicare and Medicaid that people very much need, and you can see why "tax the rich" is becoming a popular slogan. It's been a long time since the two largest health insurance programs in the country have been funded for success and this will get worse after the BBB cuts take effect early next year. Not only will the poor and seniors lose coverage, we will all pay more for health care and many of us risk job losses. Space X has reportedly been given $3-4 billion in government grants; tell me again how we can't afford to provide basic health coverage for all Americans? It's all a matter of choices.
The same way they parrot "individual responsibility" and practice none. They use words to define how everyone else should act, while they act however they want.
We are going to have to do something. We need to clean up and drastically simplify the tax code. Loop holes need to go. No corporation or wealthy individual with significant resources and revenue should get off with paying nothing in taxes. We need to spend less on health care as a nation. We spend twice per capital what Canada does. With poorer results. Corporations spend lavishly because everything is tax deductible. If we don't want to go the way of The Roman Empire, we need to fix society, the economy, and the way we do business and politics.
The bigger problem is that until Americans FEEL the impact of the national debt, Congress won’t be motivated to act. The lack of bipartisanship stands in the way of progress on this and most other critical issues.
In real life, since Clinton, Democrats have systematically cut the deficit while the GOP has increased it. And the GOP constantly TALKS about "we should be fiscally responsible"; it's often (aside from fake culture wars) their only talking point. And it IS why people vote for it, again and again. It's also the GOP that, since Obama, has categorically refused to pass bipartisan bills (or only accepts doing so whenever Democrats would go against what polls show more than 80% of the American people want Congress to do). Obamacare is an invention of the GOP's main think tank, the Heritage Foundation (when it wasn't neofascist yet). It's 100% private sector based and LOWERS the deficit. And yet, not a single Republican voted for it.
Doesn’t everyone when they need a fall-person. I hear it all the time, the damn baby boomers. Stephen Brady just said above what the real problem is, “fix the tax loop holes, no corporation or wealthy individuals should get off paying nothing in taxes…”
I'm sorry, Adam, but as soon as I hear you say "entitlements", I get enraged. I worked for every penny I'm getting on Social Security. It is NOT an entitlement!
Its the governments own term for it
And what would be your term instead?
Exactly. It's collective insurance.
Don't let Republicans, even "reformed" ones, push you away from the word "entitlement." The fact is you ARE entitled to Social Security and Medicare BECAUSE you paid for it. If you paid for a TV, wouldn't you feel entitled to take it home? If you pay ANY insurance, don't you feel entitled to payments when you make a claim? Social Security and Medicare are no different. Don't let Republicans scare you off the word that defines the bargain the government made with its citizens: You pay the premiums, you are entitled to what you paid for.
exactly
I feel that all social security payments are not equal. Some of us are forced to now live on under $2000 a month in today’s economy, and that IS what SS was intended to be; a safety net for those of us who were not able to succeed in securing our American dream before our older years hit. Then there are those whose monthly SS check is thousands of dollars that is supplementing their American dream lifestyles….those who can cut back, should.
The law that granted government workers who collect pensions to receive Social Security benefits they never paid into should have been "income tested." It would have helped Americans with smaller pensions rather than large ones, too. My sister collects an $80,000 a year teacher's pension and now gets half of her husband's Social Security check--an additional $1400 a month, complete with back pay. How does that make fiscal sense?🤷♂️
But you actually didn't.
You need to do a little more actuarial sniffing, actually. A small portion of what you get in Social Security is what YOU put into the system. A much, much larger portion is what OTHER people put into the system on your behalf, with the expectation born of a social contract that when it's their time, someone else will do the same for them as well.
Nothing is wrong with that kind of arrangement. It actually builds intergenerational trust, as well as political solvency, until the day comes when too many retirees survive on the backs of too few active workers. When it was inaugurated in 1935, one retiree was supported by about 13 active, working adults. Today, that ratio is closer to three, or even two, to one. You can think longer life expectancy for that one.
Do the math. Yes, it will help if the absurd cap on Social Security taxes is removed. That's the easiest fix to make. But it isn't enough to restore full solvency. Something else has gotta give. The first is the attitude that "I earned every penny." You simply didn't. The more people educate themselves, the quicker we can move back to sitting at the table and figuring out a better way forward.
Same here. I worked hard for that money, i paid into it.
I resent the word entitlement….. I worked 40 yrs for my SS and my husband is still working at 80 yrs old so may I suggest you rethink “entitlement “
And….. the OBBB just gave the rich a “ tax break” that would have helped everyone else if they just paid their share Adam.
Don't let Republicans, even "reformed" ones, push you away from the word "entitlement." The fact is you ARE entitled to Social Security and Medicare BECAUSE you paid for it. If you paid for a TV, wouldn't you feel entitled to take it home? If you pay ANY insurance, don't you feel entitled to payments when you make a claim? Social Security and Medicare are no different. Don't let Republicans scare you off the word that defines the bargain the government made with its citizens: You pay the premiums, you are entitled to what you paid for.
If you don't distinguish between temporary deficit increases and structural debt, you're not discussing this issue seriously.
Since Clinton, ONLY the GOP has systematically and massively increased the structural debt (= debt that no future administration can erase with the stroke of a pen, so that keeps growing anyhow), while Democrats have systematically CUT the debt and deficit. Democrats only made exceptions for TEMPORARY deficit spending to deal with a huge crisis (the 2008 financial crisis caused by not enough regulation, covid, ...). And these bills help the 99% survive during huge crises, whereas the GOP bills that create massive structural debt increases only make the 1% wealthiest wealthier.
Also, since Clinton already, Democrats systematically apply the "pay-as-you-go" rule. That means that no bill leaves Congress that isn't fully paid for, so that doesn't include measures to guarantee that it won't add to the deficit or debt. Obamacare for instance LOWERED the deficit compared to where it would have been had the previous HC system continued. It also gave millions of Americans what citizens of Western democracies outside the US had for decades: real, collective health insurance.
And yet, time and again, the GOP lied and lied about "fiscal conservatism". As soon as it took over DC, the FIRST thing it did was drop the "pay-as-you-go" rule. Again and again.
I'm happy that you finally address this issue, but I'm not sure that today, you get reality as it is: the ONLY truly fiscal conservatives, for decades now, are Democrats. Republicans have constantly done the exact opposite.
And then there is the utter economic ignorance and incompetence of Republicans. You do NOT cut the deficit when the economy is recovering from a Great Recession. That is just irrational behavior. You cannot be a responsible householder if you indulge in irrational thinking. Facts are facts.
Obviously, today we know why back then the GOP spread so much fake news (including the creation of the Tea Party): studies have shown that as soon as Obama won (with a whopping 80% approval rating after he was sworn in), the GOP leadership got together and started focusing on only ONE goal: making Obama a one-term president. How? By lying and lying and lying, all while blocking any evidence-based legislation that would benefit the American people.
Clinton ran a surplus, which caused a recession. Federal deficits are necessary for economic growth. The US has had seven depressions -- all came after federal surpluses. The so-called "debt" merely is deposits into savings accounts at the Federal Reserve Bank. This has no impact on federal spending or on taxes. The purposes of the T-bills are to provide a safe storage place for unused dollars --just like private savings accounts -- and to help the Fed control interest rates by setting a floor rate. PLEASE, EVERYONE. STOP WORRYING ABOUT THE DEBT AND CALL IT BY ITS REAL NAME: "DEPOSITS."
Demonstrably false. All mainstream economists agree: the 2001 downturn wasn't caused by a surplus at all.
Just try to imagine how your hypothesis would work, so tell us why exactly not having any government debt at all would somehow cause a recession, and try to back up your arguments with evidence.
You'll see: that evidence doesn't exist.
I too cringed when the word entitlements was used. We worked hard and paid into Social Security and Medicare. And we still pay for insurance coverage at age 78. We need to change that word. Thank you for the article.
Agree Jane. I say I am entitled to my social security because it’s MY money that I paid into the coffers. So yes I’m entitled to take MY OWN money out to live on now that I’m retired.
Don't let Republicans, even "reformed" ones, push you away from the word "entitlement." The fact is you ARE entitled to Social Security and Medicare BECAUSE you paid for it. If you paid for a TV, wouldn't you feel entitled to take it home? If you pay ANY insurance, don't you feel entitled to payments when you make a claim? Social Security and Medicare are no different. Don't let Republicans scare you off the word that defines the bargain the government made with its citizens: You pay the premiums, you are entitled to what you paid for.
Thanks for that clarification. I think I was taking the word to mean “something not earned”
That is because that is what it sounds like when it comes out out of a Republicans mouth. It is said with disdain, like we have our hands out begging for something.
That's understandable because it's the way Republicans have been using that word for decades. It's what they WANT you to believe.
Yes. American Workers Benefits would be more appropriate.
But it is also available to some non-working people, like the disabled, surviving spouses who may not have their own SS, or people with dependent parents.
There is one important difference you forgot to mention. The debt the Democrats ran up would have been paid for if Republicans didn't undercut their programs out of spite when they came into power. Republicans were responsible for about 3/4 of the debt with their endless wars and tax breaks for the rich and never had a plan to pay for their debt. Democrats have been cleaning up Republican messes for more than 50 years. I voted for some of those responsible for running up the debt because I believed Republicans were still the party of national security. It took Clinton to get the country out of debt from Reagan and George Bush. I voted for both presidents. GW Bush and Trump are almost completely at fault for our debt along with the Republican majority.
Adam, I appreciate your honesty. Someone who cannot admit a mistake, or has no regrets, is either arrogant or stupid.
Cui bono? Who benefits?
Since 1980 the country’s GDP has continued to grow solidly. But workers’ income (inflation adjusted) has been flat flat flat.
All that tax cutting has redistributed wealth and income to the richest people.
While our infrastructure has decayed.
“..real plans on the table from serious people..” Ah, how we long for those days.
Add to the fact that the hard choices weren't made, not just in 2010 but over decades, to manage the debt the realization that the vast majority of tax cuts over the past decade have disproportionately benefitted people who didn't need them and contributed to the argument for further gutting programs like Medicare and Medicaid that people very much need, and you can see why "tax the rich" is becoming a popular slogan. It's been a long time since the two largest health insurance programs in the country have been funded for success and this will get worse after the BBB cuts take effect early next year. Not only will the poor and seniors lose coverage, we will all pay more for health care and many of us risk job losses. Space X has reportedly been given $3-4 billion in government grants; tell me again how we can't afford to provide basic health coverage for all Americans? It's all a matter of choices.
Republicans have not been the Party of fiscal responsibility in my lifetime. They parrot the words and then completely ignore responsible actions.
The same way they parrot "individual responsibility" and practice none. They use words to define how everyone else should act, while they act however they want.
Very true.
We are going to have to do something. We need to clean up and drastically simplify the tax code. Loop holes need to go. No corporation or wealthy individual with significant resources and revenue should get off with paying nothing in taxes. We need to spend less on health care as a nation. We spend twice per capital what Canada does. With poorer results. Corporations spend lavishly because everything is tax deductible. If we don't want to go the way of The Roman Empire, we need to fix society, the economy, and the way we do business and politics.
The bigger problem is that until Americans FEEL the impact of the national debt, Congress won’t be motivated to act. The lack of bipartisanship stands in the way of progress on this and most other critical issues.
In real life, since Clinton, Democrats have systematically cut the deficit while the GOP has increased it. And the GOP constantly TALKS about "we should be fiscally responsible"; it's often (aside from fake culture wars) their only talking point. And it IS why people vote for it, again and again. It's also the GOP that, since Obama, has categorically refused to pass bipartisan bills (or only accepts doing so whenever Democrats would go against what polls show more than 80% of the American people want Congress to do). Obamacare is an invention of the GOP's main think tank, the Heritage Foundation (when it wasn't neofascist yet). It's 100% private sector based and LOWERS the deficit. And yet, not a single Republican voted for it.
Etc. etc.
Thanks Adam for being so honest.
Last night on CNN you said you blamed the baby boomers. For taking ss? Didn’t quite follow that.
NO! For making decisions that lead to where we are. from Reagan to current. I also blamed all of us
Doesn’t everyone when they need a fall-person. I hear it all the time, the damn baby boomers. Stephen Brady just said above what the real problem is, “fix the tax loop holes, no corporation or wealthy individuals should get off paying nothing in taxes…”
Thank you Adam for your honesty and integrity
Adam, thank you for this. You have honor, integrity, leadership and self-awareness. And that's why I follow you.
Others here have already put it better than I can, but Medicare and Social Security aren't handouts.
I'll add that nobody goes on welfare or food stamps to get rich.
But now we're cutting public health, weather and scientific research.
I back our military, our police and our fire/first responders. I'll pay for that all day.
Wanna save some money? Medicare for All. Yeah I said it.