1. You'd have to gradually go from 65 to 70 over 10-15 years or so to make it palatable to the pols, or its DOA.
2. Please provide a link how you get that $1.4T in savings A YEAR, see section-E below, you would slow future growth but not affect current payouts
Here is my recommended Budget solution:
A. Hire another "Grace Commission" to audit and fix the Federal budget deficit
B. B. Cut Spending: [CUT up to $625b a year as needed]
1. Cut defense to 2017 levels of $600b until the Debt is reduced, saving $150b
2. Cut foreign aid $55b (until Debt is paid we can't borrow to give money away)
3. Cut Welfare $200b & Medicaid $200b (about half)
4. Cut education $20b (state responsibility)
US Government Defense Spending History with Charts - a www.usgovernmentspending.com briefing
Current US Defense Spending:
Year Military Veterans Foreign Aid Total Defense
2017 $598.70 billion $178.00 billion $46.30 billion $823.00 billion
2018 $631.20 billion $180.40 billion $49.00 billion $860.50 billion
2019 $684.60 billion $202.10 billion $54.30 billion $941.00 billion
2020 $737.90 billion $219.20 billion $53.10 billion $1.00 trillion
C. To cover the $900b budget deficit the following taxes need to be raised:
1. Raise the top tax rate about 7% above 2016 levels +$400b
2. Implement a new 3% Fed sales tax +$400b
3. Implement a new transaction tax on all stocks & bonds Impose a Tax on Financial Transactions | Congressional Budget Office +$100b
4. Implement a new remittances tax/fee on all money sent out of the US https://www.americanthinker.com/articles/2018/05/tax_remittances_can_build_the_wall.html 2% of $140b is +$3b a year
D. Reform entitlements, Medicare & Social Security, currently projected to be insolvent in 2026 & 2034. There are MANY publicized "fixes" that extend SS & Medicare:
E. Here is the 2019 Federal Budget
Mandatory spending $2.74T
Social Security $878b
Medicare $625b
Medicaid $412b
Welfare $462b
Interest on the Debt $363b
Discretionary $1.3T
Defense $893.0b
HHS $70.0b
Education $59.9b
VA $83.1b
Homeland $52.7b
Energy Dept $29.2b
NNSA $15.1b
HUD $29.2b
State Dept $40.3b
NASA $19.0b
Foreign Aid $55.0b
All Other Agencies $78.1
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