Tag Archives: Congressional Budget Office

Right-Wing Think Tank Finds Trump Plans Would Wreck Social Security

The Committee for a Responsible Federal Budget estimated that Republican nominee Donald Trump’s campaign proposals “would dramatically worsen Social Security’s finances.”

By Jake Johnson. Published 10-21-2024 by Common Dreams

Photo: AFGE/flickr/CC

Republican nominee Donald Trump’s claim that he wants to “fight for and protect Social Security” was called into further question Monday after a conservative think tank released an analysis projecting that the former president’s economic proposals and mass deportation plan would significantly damage the New Deal program’s finances.

The new analysis from the Committee for a Responsible Federal Budget (CRFB) specifically focuses on Trump’s proposals to end taxes on tips, Social Security benefits, and overtime pay; implement sweeping tariffs on imports; and launch what he’s described as the “largest domestic deportation operation in American history.”

The think tank projected that, if enacted, Trump’s agenda would “increase Social Security’s 10-year cash shortfall by $2.3 trillion through FY 2035” and “lead to a 33% across-the-board benefit cut in 2035, up from the 23% [the Congressional Budget Office] projects under current law.”

Trump’s plans would also “increase Social Security’s annual shortfall by roughly 50% in FY 2035” and “advance insolvency by three years, from FY 2034 to FY 2031.”

“Trump has said he would close Social Security’s long-term shortfall by increasing drilling for oil and natural gas and by growing the economy,” the analysis notes. “However, we’ve shown that increased energy exploration is unlikely to have a meaningful effect on Social Security—even if the gains were deposited into the trust fund. We’ve also shown that it would require unrealistically fast economic growth to close Social Security’s existing long-term funding gap.”

Social Security Works (SSW), a progressive advocacy group that supports expanding the New Deal program, highlighted CRFB’s analysis in a social media post on Monday, writing, “Donald Trump plans to slash $2.3 TRILLION from Social Security while giving massive tax handouts to Wall Street billionaires.” (The Social Security Works Political Action Committee has endorsed Democratic nominee Kamala Harris for the presidency.)

 Max Richtman, president and CEO of the National Committee to Preserve Social Security and Medicare—which endorsed Harris in July—said it is “not surprising that Donald Trump’s ill-conceived plans would devastate the financial health of Social Security and lead to huge benefit cuts.”

“Trump’s plans are of a piece with his overall recklessness with Social Security. He suspended the payroll tax that funds the program during Covid—and hoped it would be eliminated,” said Richtman. “His White House budgets would have slashed Social Security Disability Insurance (SSDI) by billions of dollars. He said earlier this year that he was ‘open’ to ‘cutting entitlements,’ then tried to walk it back. He once called Social Security a ‘Ponzi Scheme.’ Time and again, Trump has chosen political expediency without considering—or caring about—the consequences. Despite his posturing, Donald Trump is no friend to Social Security or American seniors.”

In a footnote of its analysis, CRFB states that Harris’ proposals thus far “would not have large effects on Social Security trust fund solvency.”

The Harris campaign quickly seized on CRFB’s findings. Joseph Costello, a spokesperson for the Harris campaign, said in a statement Monday that “Donald Trump’s agenda poses an imminent threat to Social Security, and seniors could have their benefits cut by a third.”

“This is yet another reason that Americans simply cannot afford the risk of another Trump term, where he would pursue unchecked power to use his Project 2025 agenda to hurt the American people,” said Costello. “Vice President Harris is committed to protecting Social Security benefits and is the only candidate who will actually fight for seniors, not just pay them lip service on the campaign trail.”

According to the latest report from Social Security’s Board of Trustees, the program is currently positioned to fully pay all benefits and administrative costs until 2035. Thereafter, even if Congress does nothing to shore up the program, it would be able to pay 83% of scheduled benefits.

To bring in more revenue and ensure Social Security’s solvency through the end of the century, progressives in Congress have called for raising or scrapping the payroll tax cap, which allows the rich to stop contributing to the program just weeks into each year while ordinary Americans pay in year-round.

The Harris campaign has broadly signaled support for that approach, saying in its economic policy platform that the Democratic nominee would “shore up Social Security and Medicare so that these essential programs will stay solvent in the long run by making corporations and the wealthiest Americans pay their fair share in taxes.”

This work is licensed under Creative Commons (CC BY-NC-ND 3.0)

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New CDC Data Reveals ‘National Embarrassment’ of For-Profit Healthcare

“Our leaders must act to kick insurance companies to the curb and enact Medicare for All now,” said one advocate.

By Brett Wilkins. Published 3-21-2024 by Common Dreams

Photo: March for Medicare for All/Facebook

Single-payer advocates on Thursday pointed to new federal life expectancy data—which shows Americans live shorter lives than people in any other major most-developed nation—as the latest proof of the need to enact a Medicare for All-type universal healthcare program.

According to the Centers for Disease Control and Prevention (CDC), U.S. life expectancy was 77.5 years in 2022, an increase of 1.1 years from the previous year. The leading U.S. causes of death in 2022 were heart disease, cancer, unintentional injuries, and Covid-19.

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$10 Trillion in Added US Debt Since 2001 Shows ‘Bush and Trump Tax Cuts Broke Our Modern Tax Structure’

“In their blind loyalty to their mega-donors, Republicans’ fixation on giant tax cuts for billionaires has created a revenue problem that is driving up our national debt,” said Sen. Sheldon Whitehouse in response to new Treasury Department figures.

By Jon Queally. Published 10-21-2023 by Common Dreams

Photo: White House Archives

The U.S. Treasury Department on Friday released new figures related to the 2023 budget that showed a troubling drop in the nation’s tax revenue compared to GDP—a measure which fell to 16.5% despite a growing economy—and an annual deficit increase that essentially doubled from the previous year.

“After record U.S. government spending in 2020 and 2021” due to programs related to the economic fallout from the Covid-19 crisis, the Washington Post reports, “the deficit dropped from close to $3 trillion to close to $1 trillion in 2022. But rather than continue to fall to its pre-pandemic levels, the deficit unexpectedly jumped this year to roughly $2 trillion.”

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Medicare Advantage Overbills Taxpayers by $140 Billion a Year—Enough to Wipe Out Medicare Premiums

“Medicare Advantage is just another example of the endless greed of the insurance industry poisoning American healthcare,” says a new report from Physicians for a National Health Program.

By Jake Johnson. Published 10-4-2023 by Common Dreams

Photo: Joe Maniscalco

report published Wednesday estimates that privately run, government-funded Medicare Advantage plans are overcharging U.S. taxpayers by up to $140 billion per year, a sum that could be used to completely eliminate Medicare Part B premiums or fully fund Medicare’s prescription drug program.

Physicians for a National Health Program (PNHP), an advocacy group that supports transitioning to a single-payer health insurance system, found that Medicare Advantage (MA) overbills the federal government by at least $88 billion per year, based on 2022 spending.

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Big Pharma Flooding Airwaves With Disinformation to Kill Drug Price Reform

“Powerful interest groups out there don’t want this legislation to succeed, so they’re pouring dark money into efforts to stop it,” said one Democratic senator.

By Jake Johnson  Published 7-29-2022 by Common Dreams

The group American Commitment is running ads in several states attacking Democrats’ plan to lower prescription drug prices. (Photo: Screengrab/American Commitment)

While its thousands of lobbyists work fervently on Capitol Hill, the pharmaceutical industry is flooding the airwaves in several states with deceptive ads in a last-ditch campaign to block Senate Democrats’ plan to curb the unchecked pricing power of drug corporations.

Included as part of a reconciliation package negotiated by Sen. Joe Manchin (D-W.Va.) and Senate Majority Leader Chuck Schumer (D-N.Y.), the proposal would require Medicare to negotiate the prices of a small number of drugs directly with pharmaceutical companies, which can currently drive up costs as they please—boosting their profits at the expense of patients. Continue reading

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Letting Medicare Negotiate Drug Prices Would Save US Nearly $290 Billion: CBO

“By empowering Medicare to directly negotiate prices for prescription drugs Congress can end the days of seniors missing lifesaving medications because they cannot afford them,” said Majority Leader Chuck Schumer.

By Jon Queally  Published 7-9-2022 by Common Dreams

The Congressional Budget Office said Friday that a pending proposal by Senate Democrats to allow Medicare to negotiate directly with drug companies for lower prices would yield nearly $290 billion in savings and new revenue over ten years of implementation, a predictable yet crucial finding as lawmakers try to revitalize a legislative deal in the coming weeks.

The Democratic effort to revitalize a broader reconciliation package that could be passed in the narrowly-split Senate without Republican votes is considered the best that can be achieved after Sens. Joe Manchin and Kyrsten Sinema tanked the much larger Build Back Better plan—one that included sweeping climate provisions and other social investments—last year. Continue reading

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‘Staggering’: Watchdog Finds Medicare Advantage Plans Deny Necessary Care

“These plans are designed to maximize profits for corporations, NOT to provide high-quality healthcare,” said Social Security Works.

By Jessica Corbett  Published 4-28-2022 by Common Dreams

Photo: Myfuture.com/flickr/CC

A government watchdog revealed Thursday that Medicare Advantage plans—which are offered by private companies but required to follow rules set by the government healthcare program—deny medically necessary care to tens of thousands of enrollees each year.

The revelation came in a report released by the U.S. Department of Health and Human Services Office of Inspector General (OIG), which examined a random sample of 250 prior authorization denials and 250 payment denials issued by 15 of the largest Medicare Advantage Organizations (MAOs) during the first week of June in 2019. Continue reading

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As CBO Shows How to Cut $1 Trillion From Pentagon, Progressives Urge Spending on ‘True Security’

“Saving a trillion dollars that could be devoted to preventing pandemics, addressing climate change, or reducing racial and economic injustice is no small matter.”

By Brett Wilkins, staff writer for Common Dreams. Published 10-7-2021

Progressive foreign policy experts say a new Congressional Budget Office report offering three options for slashing Pentagon spending by $1 trillion over the next decade underscores the imperative to invest in programs of social uplift and climate action. Photo: Peg Hunter/flickr/CC

Progressive foreign policy experts on Thursday pointed to a new Congressional Budget Office report that concludes it is possible to slash a trillion dollars in military spending over the coming decade without reducing force effectiveness as further proof that the United States can and should prioritize investments in tackling pandemics, inequality, and the climate crisis.

“The U.S. military budget is now higher than it was at the peak of the Vietnam War, the Korean War, or the Cold War,” said Lindsay Koshgarian, program director of the National Priorities Project at the Institute for Policy Studies (IPS). “This report shows that there are viable options for immediate, substantial reductions to the Pentagon budget.” Continue reading

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‘Seems Like a Good Policy!’ CBO Shows Medicare for All Could Cover Everyone for $650 Billion Less Per Year

The analysis shows that administrative costs under a single-payer healthcare system “will be lower than what even the most rabid Medicare for All supporters have traditionally claimed.”

By Kenny Stancil, staff writer for Common Dreams. Published 12-11-2020

The barriers to Medicare for All, wrote Matt Bruenig of the People’s Policy Project, “are not technical deficiencies or costs, but rather political opposition from Republicans and conservative Democrats who would rather spend more money to provide less health care.” Photo: Public Citizen/flickr/CC

The Congressional Budget Office on Thursday released a report examining the costs associated with universal healthcare proposals that are based on Medicare’s fee-for-service program and found that implementing a single-payer health insurance program in the United States would not only guarantee coverage for every person in the country but would also reduce overall healthcare spending nationwide.

In the words of researcher Matt Bruenig—founder and president of the progressive think tank People’s Policy Project who called the CBO’s working paper (pdf) on the topic “more exhaustive than any other recent study on the subject”—the new analysis shows that administrative costs under a single-payer healthcare system “will be lower than what even the most rabid Medicare for All supporters have traditionally claimed.” Continue reading

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While Advocates Declare #HandsOffSNAP, Trump Reportedly Wants Even Crueler Requirements for Nation’s Poor and Hungry

“Do you know who the #2018FarmBill would hurt? Well, just on the short list are: Women, veterans, children, people with disabilities, workers, and seniors”

By Jessica Corbett, staff writer for Common Dreams. Published 5-9-2018

“Right now I need SNAP to get by,” Tina Keys, a mother from Washington, explained at a #HandsOffSnap rally outsite the Captiol on May 8. (Photo: @TalkPoverty/Twitter)

While social welfare advocates have launched a #HandsOffSNAP campaign to protest Republican lawmakers’ latest attempt to make Supplemental Nutrition Assistance Program (SNAP) benefits—often called food stamps—less accessible, President Donald Trump is reportedly planning to pressure them to include even stricter work requirements in the 2018 Farm Bill.

“Trump is expected to tell senior lawmakers in a meeting this week that he will veto the farm bill if it doesn’t include tighter work requirements for people receiving food stamps,” two people familiar with the president’s deliberations told the Wall Street Journal. Continue reading

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