In the last few weeks, House Subcommittees have conducted important hearings on President Joe Biden’s implausibly named “Inflation Reduction Act” and its assault on Medicare.
The law is an assault on Medicare because it violates a core promise of the program – that in exchange for paying a special payroll tax your entire working life, the program will be there for you when you are older.
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Declaring that it’s time for Washington to start working for Americans and not the other way around, GOP presidential candidate Nikki Haley laid out her economic “Freedom Plan in a speech Friday in New Hampshire.
The former South Carolina governor and United Nations ambassador is proposing a litany of middle-class tax cuts, regulatory relief and “third rail” entitlement reforms in a proposal she asserts will check communist China aggression through American prosperity.
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In Armageddon, Bruce Willis blows himself up on an asteroid to save his daughter and all of humanity. (Sorry for the spoiler, but the movie is 25 years old.) That theme—parents providing for, and sacrificing for, their children—is the deeply moral and moving story that Americans used to love.
I say “used to,” because something troubling has happened. We now accept that young people should be worse off for a lifetime in order to benefit those who have already lived full, comfortable lives. We saw this during COVID-19, when an elderly leadership class locked children out of classrooms, playgrounds, friendships, and sports, and wiped out jobs, training, and mentorship for young workers.
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House Speaker Kevin McCarthy (R-Calif.) and the House Republican majority have unveiled their spending plan for the next decade, the Limit, Save, Grow Act, that will be tied to a $1.5 trillion increase in the $31.4 trillion national debt ceiling, the centerpiece of which imposes discretionary budget caps beginning in 2024, but which will be set at 2022 levels, which could save more than $3.2 trillion over the next decade, according to an estimate by the Committee for a Responsible Federal Budget.
While an official score still has not come in from the Congressional Budget Office, the proposal stands out as a promise kept on McCarthy’s part to use the must-pass debt ceiling to restore some semblance of fiscal sanity to the out-of-control federal budget and national debt, the latter of which the White House Office of Management and Budget projects will rise to a gargantuan $50.7 trillion by 2033.
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Gross interest owed on the $31.4 trillion national debt — that is, interest owed on both the $24.9 trillion publicly traded debt and the $6.7 trillion debt in the Social Security, Medicare and other trust funds — will reach a gargantuan $1 trillion in 2024 for the first time in American history, according to the latest data gathered by the White House Office of Management and budget.
To put that into perspective, that is more than is spent on national defense related spending, currently $814 billion.
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Florida Governor Ron DeSantis may still be mulling over a run for president, but the Republican looked and sounded every bit a contender for the GOP presidential nomination Friday evening in the first-in-the-nation caucus state.
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In her latest swing through Iowa, Republican presidential candidate Nikki Haley took aim at the nation’s financially troubled safety nets for seniors, telling Council Bluff Republicans it’s time to change the retirement age and check Social Security and Medicare benefits for wealthier Americans. If the former South Carolina governor was sending out a trial balloon to see how reform ideas would fly in the first-in-the-nation caucus state, it seems said balloon may have hit the third rail.
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Congresswoman Marjorie Taylor Greene wasn’t alone Tuesday night in openly arguing President Biden in his State of the Union address misstated House Republicans’ position on the future of Medicare and Social Security.
“I think, because he lied, it was a frustration,” Kentucky GOP Rep. Thomas Massie told Just the News after Biden’s roughly 72-minute address.
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