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The COVID-19 pandemic has wreaked havoc on the American economy, leading to a loss of revenues to the federal government. Among the many revenue streams that the federal government has is the payroll tax, which is a dedicated revenue source for Social Security and Medicare hospital insurance. Even before the pandemic, these social insurance programs were facing insolvency. The pandemic is certain to worsen the outlook for these programs.
WASHINGTON, D.C. -- In response to the release today of the updated Congressional Budget Office (CBO) report that projects the United States’ budget gap to exceed $1 trillion in 2020, two years sooner than expected, Jason Pye, FreedomWorks Vice President of Legislative Affairs, commented:
Since Democrats took control of the House, there has been no shortage of bad legislation that has either been pushed through the lower chamber or advocated by progressives. Democrats were set to consider yet another “caps deal” to bust its own spending maximums set under the Budget Control Act. The Democratic leadership has pulled it from the schedule as progressives and moderates in the party disagree on spending levels. Progressives, of course, want more spending on domestic programs.
It is no secret that Social Security and Medicare will soon be insolvent. The updated Social Security and Medicare Trustees Report released earlier this month has confirmed that insolvency is still imminent, and will come even sooner than anticipated.
Wednesday, in the critical battleground state of Ohio, Paul Ryan spoke about his plan for the 46 million Americans who live in poverty saying that "in this war on poverty, poverty is winning.” With one in six Americans living in poverty, Ryan said that he and Mitt Romney would help them join (or rejoin) the middle class. "Many of those living in poverty today were in the middle class just a few years ago.
Democracy and Power 106: A politician receives no financial gain for good policy or punishment for bad policy.It is hard to imagine a more stupid or more dangerous way of making decisions than by putting those decisions in the hands of people who pay no price for being wrong. – Thomas Sowell
FreedomWorks Foundation, American Legislative Exchange Council, Tea Party Patriots and Committee to Unleash Prosperity in partnership with a coalition of conservative organizations and prominent individuals, launched the Save Our Country Task Force.