weekly blog--one for the ages
During his State of the Union address earlier this week, President Trump said that he would always protect Medicare and Social Security, despite saying last month at the World Economic Forum that he would be open to cutting their entitlement programs. According to an article in The Motley Fool, should Trump win a second term, there are three factors to suggest he would look to reduce Social Security's expenditures.
First, there's the core proposal of the Republican Party to fix Social Security by gradually increasing the full retirement age to as high as age 70.
Second, in March, the president's federal budget proposal called for a $26 billion cut (in aggregate) to Social Security between 2020 and 2029. A good portion of this reduction was to come from the Social Security Disability program, with a proposed adjustment that would reduce retroactive pay to six months from the current 12 months.
Third, Mick Mulvaney, the director of the Office of Management and Budget and one of the president’s top advisors, is a fiscal hard-liner, and he strongly believes that entitlement reform, perhaps including cuts, should be on the table.