With the passage of the 2017 tax cut now appearing likely, Boomers should brace themselves for forthcoming attacks on Social Security and Medicare within the next year or so. After all, how else can the $1.5T deficit increase created by the bill be overcome?
It doesn’t matter where your political outlook lies, this is coming like a gathering storm. According to a recent article in Forbes (not exactly a liberal publication): “…there is growing concern among retirement experts and advocates for the elderly that the proposed $1.5 trillion in tax cuts will make future reductions to these critical retiree programs all the more likely in order to rein in growing federal budget deficits.”
Every Baby Boomer should be scared by these unfolding events. Both Medicare and Social Security will need attention to avoid financial bankruptcy within our lifetimes. That will be difficult to accomplish when likely solutions involve either a tax increase or a re-orientation of national priorities.
It will be Hard to Fix Medicare and Social Security in our Current State of National Craziness!
As a Baby Boomer who remembers when going to war was a big deal that required Congressional approval, our sleep-walk into a state of perpetual war and continual involvement in remote conflicts confounds me. We now spend more on the military every year than the major industrial nations altogether! “According to the Stockholm International Peace Research Institute, in 2015 US defense spending outstripped that of China, Russia, UK, France, Japan, Saudi Arabia and India combined.” Did anyone ever calculate a return-on-investment for this strategy? Who benefits besides the Defense Industry? Has it made us safer?
And when did Wall Street become the driver’s seat for our national economy? Does anyone really believe that the over-exuberance we now see is benefiting the average American on the street? Have we all forgotten what happened in 2008 so quickly? When Wall Street blows up again, watch the Congressional rush to cut Medicare and Social Security benefits as a means to pay the bill.
Moreover, can anyone provide a true example of when “trickle down” economies ever worked?! That is not to say that business taxes should not tweaked to stimulate growth, but going too far results in disaster – Just look at the recent experience suffered by Kansas!
What Type of Country are We Becoming?
Wikipedia states: “Currently, the richest 1% hold about 38% of all privately held wealth in the United States. while the bottom 90% held 73% of all debt. According to The New York Times, the richest 1 percent in the United States now own more wealth than the bottom 90 percent.” America is drifting into an oligarchy, my friends.
The Bottom Line for Boomers
I’m not ashamed to say my bias lies in focusing on the well-being of America’s citizens first over tax cuts for big business, making the rich richer, or adding another carrier group to the military. And “No,” I did not vote for either Hillary or Trump in the last election. This isn’t about politics. This is about protecting the health of older Americans. This is about ensuring a safety cushion for those who worked 30-40 years but still struggle to survive in old age. This is about Baby Boomers who are not part of the wealthy elite, yet contributed their sweat and blood to our country over their lifetime.
Girt your loins, fellow Boomers, the fight of a lifetime is coming.