With the budget process going on in Congress perhaps a new idea may help. The Democrats want to raise taxes on the rich to support safety net programs (Social Security, Medicare, Medicaid) and the Republicans want to cut some parts of these safety net programs. Let’s do both! Let’s put a wall around these essential programs in such a way that they only increase at the average inflation rate as judged by the Congressional Budget Office (CBO).
Since Social Security costs about as much per year as Medicare and Medicaid combined (CBO), if we raise one while lowering the other we can find a balance. The future cost for Social Security can be saved by slowly raising the age when an individual can begin drawing on the program and use that savings to lower the age when you can get Medicare. (Medicaid would be a part but it is means-tested, income-based, etc.)
Since most members of Congress, on both sides, are concerned about our growing national debt, this will attract some support. Raising the age to start Social Security (saving money) appeals to Republicans and lowering the age to start Medicare appeals to Democrats. So, something for everyone!
The math will be up to CBO to find the balance plus inflation. There will be fights! But, if this helps support Social Security, Medicare and Medicaid, and at the same time helps deal with our growing national debt, enough thoughtful, caring members of Congress may get on board. It is worth a try
David Hart, Torrey
Donate to the newsroom now. The Salt Lake Tribune, Inc. is a 501(c)(3) public charity and contributions are tax deductible