Sat. Jul 20th, 2024

Trump floats ‘cutting’ retirement spending, drawing quick pushback from Biden

By 37ci3 Mar11,2024

Presumptive Republican nominee Donald Trump opened the door on Monday to “cut” pension spending programs like Social Security and Medicare, a sharp retreat from President Joe Biden and intensifying a key policy battle in the 2024 election.

Calling into CNBC’s “Squawk Box,” Trump pressed him on how he plans to address Social Security’s long-term solvency problems.

“So, first of all, there’s a lot you can do in terms of entitlements, in terms of cuts,” Trump said. “Also, in terms of theft and mismanagement of rights — very bad management of rights — there are so many things and so many things you can do.”

The former president did not specify how he would change the scholarship programs or whether he might seek any cuts if elected this fall. A spokeswoman for Trump’s campaign did not immediately provide additional policy details about his position.

Biden’s campaign tweeted the video, and the president quickly responded: “Not on my watch.”

Social Security is projected to be solvent by 2034. Medicare has the ability to pay until 2028. After that, unless policy changes are made to add revenue or reduce costs, program benefits will automatically be cut.

Biden ruled out cutting benefits for the programs. In it State of the Union speech Last week, Biden said he would “protect and strengthen Social Security and pay the wealthy their fair share.”

“If anybody here tries to cut Social Security or Medicare or raise the retirement age, I’m going to stop you,” Biden said, presenting the 2024 election as a choice between a plan to “give more tax breaks to the wealthy” and cutting Social Security. “

“As the president just warned in his State of the Union address, Republican officials are planning to cut Medicare and Social Security,” White House spokesman Andrew Bates said, adding that “in today’s budget, President Biden is honoring his ironclad commitment by resolutely resisting. For Medicare and Social Security reduction of benefits.

Opposition to pension cuts unites Democrats, many of whom favor expanding Social Security benefits as well as adding dental, vision and hearing benefits to Medicare.

House Republicans are more divided on how to handle the programs with many GOP lawmakers support the budget It calls for cutting costs by raising the eligibility age for Social Security and partially privatizing Medicare. But Trump tried to take a stand against the conservative orthodoxy on pension spending, without specifying what he would do.

The former president spoke at length on CNBC.

“I know they will weaken social security because the country is weak. I mean, look outside the stock market … we’re going through hell. People are going through hell,” Trump said, adding that the middle class was “treated very, very badly by politics.”

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By 37ci3

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