I hate to be the one to bring the bad news but medicare, medicaid, and social security spending all need cut. By 2032, those 3 entitlements and interest on debt will consume every dollar of tax revenue. That’s not even close to a sustainable path, because after 2032 they are more than the total tax revenue. Cutting spending is the responsible thing to do.
The other option is to increase taxes. You see how much people here complain about that and they’re the rich ones. You can’t increase taxes on the bottom 50% of American even though their effective income tax rate is 3%. Additionally, we haven’t proven increasing tax rates leads to more taxes collected as a percent of GDP.
We have a spending problem. The sooner people realize that the better before we become like Greece. People need to realize when stuff is free to them it’s not really free. Someone else is paying the bill. People love to say they paid for their social security and medicare. That’s great. They can have what they paid for and the budget will be fine. Over 90% of people get more benefits than what they paid into the system. That’s not sustainable.
Plus, it’s a lot of hype about slowing down the growth rate. It’d go from a 6.8% compound annual growth rate to 5.8%. The 5.8% is still more than 2x GDP growth and inflation. It’s pretty easy to see how medicare could swallow the entire federal budget if spending keeps growing at 2x GDP.