Social Security and Medicare 2023: Biden To Cut Both Programs’ Tax Revenue By Up to $900 Billion

U.S. President Biden has opposed the proposal of cutting the Social Security and Medicare 2023. However, his ‘anti-growth’ policies reportedly intend to cut both of the programs’ tax revenues by up to $900 billion.

The U.S. President Joe Biden has previously opposed the Republicans’ proposal to cut the Social Security and Medicare 2023. However, Biden had reportedly spearheaded ‘anti-growth’ policies that intend to cut $400 billion to $900 billion in tax revenues from both federal entitlement programs.

According to Kliegman, a study published by the Committee to Unleash Prosperity revealed that the ‘anti-growth’ policies include those for employment, welfare, and regulatory taxes. Unfortunately, these policies may risk reducing the gross domestic product (GDP), work, wages, and growth of the country.

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Cuts in Social Security and Medicare 2023

According to Mulligan, in a different report revealed by the Committee to Unleash Prosperity, retirement savings plans have lost $4 trillion since Biden was inaugurated. This means that the Social Security and Medicare 2023 benefits are at risk because of the low-growth economic policies. The benefits issued by the programs are from workers’ current wages which literally means that what beneficiaries receive is a part of the incomes of the U.S. workers.

Unfortunately, under the Biden administration, fewer people are working which means less income is earned and less tax revenue is allocated to the Social Security and Medicare 2023. And since both federal entitlement programs function on a ‘pay as you go’ basis, the benefits will be severely restrained as the Congress struggles to determine how to resolve the worsening shortage.

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