On Wednesday, the Congressional Budget Office (CBO) released separate reports on the ten-year budget outlook and the financial outlook for major federal trust funds. The reports show the impact of COVID-19 on the economy, the failure of Congress to responsibly manage federal spending, and the cost of doing nothing to put federal entitlement programs on a sustainable financial path.

House Democrats could soon bring legislation to the floor to expand Social Security, a failing wealth redistribution program. Last week, the House Subcommittee on Social Security held two hearings on the Social Security 2100 Act, H.R. 860, which has 203 cosponsors, all of whom are Democrats. According to the Office of the Chief Actuary, the Social Security 2100 Act would increase taxes by $18.9 trillion.