A Quote by Ben Bernanke
To avoid large and unsustainable budget deficits, the nation will ultimately have to choose among higher taxes, modifications to entitlement programs such as Social Security and Medicare, less spending on everything else from education to defense, or some combination of the above.
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In fact, entitlement spending on programs such as Medicare, Medicaid, and Social Security make up 54% of federal spending, and spending is projected to double within the next decade. Medicare is growing by 9% annually, and Medicaid by 8% annually.
A budget matters to people who worry about protecting and saving critical programs like Medicare and Social Security. A budget matters to younger workers who fear that more and more money will be taken from their paychecks to fund another generation's spending spree.
Obama has demonstrated no desire to make tough choices. Americans demand a more efficient, effective government, but his budget calls for more taxes and more spending. It employs deceptive accounting gimmicks but does nothing to tackle long-term entitlement problems, nothing to save Medicare or fix Social Security.
The only way America can reduce the long-term budget deficit, maintain vital services, protect Social Security and Medicare, invest more in education and infrastructure, and not raise taxes on the working middle class is by raising taxes on the super rich.
We need to preserve programs like Social Security and Medicare for our seniors of today and tomorrow. But we need to strengthen both Social Security and Medicare to make sure these programs are still available for future generations.
The way to balance the budget is for Congress to cut Social Security, move the retirement age to 70, cut defense, Medicare and veterans pensions, while the states cut almost everything else. It would be tough but we could do it.
Amnesty will not help balance our budget ... In fact, a large-scale amnesty is likely to add trillions of dollars to the debt over time, accelerate Medicare's and Social Security's slide into insolvency and put enormous strain on our public-assistance programs.
The left wants to protect social programs, the right wants to protect defense and intelligence spending and all the rest. I say the defense and intelligence world will be better off with a smaller budget. They would be less encumbered by bloat and able to maneuver the way they used to be able and not trip over themselves.
Unlike most government programs, Social Security and, in part, Medicare are funded by payroll taxes dedicated specifically to them. Some of the tax revenue pays for current benefits; anything that's left over goes into trust funds for the future. The programs were designed this way for political reasons.
The programs supported by the International Affairs Budget are as essential to our national security as defense programs. Development and diplomacy protect our nation by addressing the root causes of terrorism and conflict. But it's not just about security. By building new markets overseas for American products, the International Affairs Budget creates jobs and boosts the economy here at home.
We have to remember, lefts are the people who created unsustainable national debt, unsustainable health insurance, health care, unsustainable college tuition and debt, unsustainable social welfare programs. Everything the left creates is unsustainable, it can't go on. Everything they create will eventually implode because it can't work as they designed it. Nothing they do is sustainable. That's the great irony. But they claim to know how to sustain life as we know it.
Thanks to decades of accumulated federal budget deficits and, more significantly, imprudent Medicare and Social Security policies, we've stolen almost $60 trillion from our children.
At Concerned Veterans for America, we've made the case that the defense budget could be targeted for spending reform, but in a targeted fashion that genuinely changes unsustainable spending trajectories while preserving U.S. defense capacity.
We have a serious structural deficit problem. And it needs to be addressed. The president is trying to address it through reforms of Social Security, but the problem is there with other entitlement programs like Medicare and Medicaid.
When we think of entitlement programs, Social Security and Medicare immediately come to mind. But by any fair standard, the holy trinity of United States social policy should also include the mortgage-interest deduction - an enormous benefit that has also become politically untouchable.
A Harris poll I've seen says only 12 percent of the electorate names taxes as one of the most important issues facing the nation. Voters put tax cuts dead last, behind education, Social Security, health care, Medicare and poverty.
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