On Sunday, Sen. Bill Cassidy (R-LA) stated that both President Biden and former President Trump have the “same plan” regarding Social Security.
During an appearance on NBC’s “Meet the Press,” Cassidy stated that both men have “the same plan,” which consists of doing “nothing” until the fund goes insolvent; following that, they will cut benefits by 24%. This statement came as a response to an ad that Trump’s PAC has made against Florida Gov. Ron DeSantis (R) who has not yet announced his intentions for the 2024 presidential race and whether he would be joining. In the ad, DeSantis is accused of wanting to cut federal entitlement programs, like Social Security.
He further added that it is a problem that the two leading candidates from both parties are choosing to “deceive the American people” as it also makes it harder for others to talk about these programs. Social Security and Medicare have been at the center of many budget discussions and talks on federal spending.
Republicans have maintained that before they agree to a debt ceiling increase, they want to agree on spending cuts. However, the Democrats are not willing to engage in these negotiations. While the Republicans have also claimed that the entitlement programs would not be subjected to any possible budget cuts, the Democrats have been pushing the narrative that the GOP wants to threaten the programs.
Medicare funding is expected to run out by 2028, while Social Security is expected to run out in 2031. Social Security, Medicare, and Medicaid cost $2.7 trillion annually, meaning that they take up close to half of the entire federal budget.