Trump Will Cut Medicare And SS.

[owebo]

Three Ways Trump, GOP May Cut Social Security, Medicare


John Wasik ,

CONTRIBUTOR

This blog is about financial deceptions, swindles and costly untruths.

Opinions expressed by Forbes Contributors are their own.





With President-elect Donald Trump leading GOP control of Congress — and possibly the Supreme Court — what does this mean for your retirement?

Well, it’s unlikely there will be any draconian changes to retirement savings vehicles, but watch out for other potential game-changers. Some of them may hurt your ability to save and achieve financial security in your golden years.

There are some glaring conflicts between what Trump has said in the campaign and retirement policy going forward. Trump, for example, has said he wouldn’t cut Social Security and Medicare, although Speaker of the House Paul Ryan has long pushed for privatizing both programs. That may ultimately cut benefits.

“We’re not going to hurt the people who have been paying into Social Security their whole life,” Trump declared, calling the payment of promised benefits “honoring a deal.”

But the man heading the Trump transition team’s Social Security effort? Michael Korbey, a former lobbyist who has spent much of his career advocating for cutting and privatizing the program, according to Yahoo News.


“It’s a failed system, broken and bankrupt,” Korbey said as a lobbyist in the mid 1990s. Korbey acknowledged that some of the reforms his group backed would hurt retirees, but “our constituents aren’t just senior citizens,” he told a newspaper in 1996. A decade later, as a senior adviser to the Social Security Administration, Korbey was a public advocate for the George W. Bush administration’s failed attempt to privatize Social Security.

Paul Ryan, who represents mainstream Republicans, has long advocated privatizing Medicare. That means dissolving the federally guaranteed fee-for-service program and handing fixed subsidies for retirees to buy private insurance? Would these private plans be affordable? It’s not known, since Ryan has never released specific details.

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In addition to handing over Medicare to the private insurance industry, Ryan would raise the qualifying age for Medicare to 67 (from 65 at present) in three years and require that higher-income Americans pay more for insurance.

Another potential loss for retirees would be the repeal of the Affordable Care Act by Trump and GOP Congressional members. At present, the ACA guarantees acceptance for anyone not qualifying for Medicare, so early retirees would be hurt by the loss of the consumer protections, if that part of the law is repealed.

Another retiree protection on the chopping block in the Trump Administration is the Department of Labor’s “fiduciary rule.” Scheduled to go into effect next April, the rule mandated that financial advisers offering retirement advice and products act in the best interest of investors.

Backed by the powerful business lobbies The U.S. Chamber of Commerce, the securities and insurance industries, the anti-DOL forces have been suing to scrap the pro-investor rule. Trump and other Republicans had said they want to get rid of the DOL’s signature firewall for retirees.

What will happen if there’s an attack on the DOL rule and other retirement programs? The most immediate impact is that Wall Street and the insurance industry will be selling more overpriced, commission-only products. That will make it harder to save for retirement.

It will also be likely that you’ll be digging into your pocket for health care and retirement income when you can least afford to do so. Nothing, of course, is written in stone in the new Washington. You can always fight back.

And Hillary won the election as your msm told us.....

So this is all that you have to say while your party steals our retirement funds ?

Can you send me a link to opt out?

Opt out of what? Your retirement? Paul Ryan said that it won't effect the ones soon to retire, but our generations to come will be effected...

We need to go back to hiding our money in mattresses....


.

Yes....you are for freedom of choice right? Can I opt out now and you can keep everything I was forced to give.....

Can you give me that link?

 

[presonorek]

A day of reckoning is coming. Bush and Obama didn't care. They left future generations with a horrific mess. It's a shocking $20 Trillion and growing, Debt. There will be cuts at some point. But it may take an all-out collapse to make it happen.

If anybody knows how to juggle debt, it is Donald Trump. Donald Trump had that reputation when I was kid back in the 80's. The debt increased more under Franklin D. Roosevelt and Ronald Reagan than any other presidents. I expect Donald Trump to be in close third or possibly even surpass Ronald Reagan. I really don't expect Trump to exercise any fiscal responsibility and don't think anybody else expects him to do that either. If Social Security and Medicare are destined to implode then I doubt it will be on Trump's watch.

Is it a coincidence that two of the most respected presidents in the 19th century are guilty of the most spending? I doubt it. People love stuff. If they can get more stuff from the government then they will like it.

Trump is totally going to be one of those guys.

 

[paulitician]

A day of reckoning is coming. Bush and Obama didn't care. They left future generations with a horrific mess. It's a shocking $20 Trillion and growing, Debt. There will be cuts at some point. But it may take an all-out collapse to make it happen.

If anybody knows how to juggle debt, it is Donald Trump. Donald Trump had that reputation when I was kid back in the 80's. The debt increased more under Franklin D. Roosevelt and Ronald Reagan than any other presidents. I expect Donald Trump to be in close third or possibly even surpass Ronald Reagan. I really don't expect Trump to exercise any fiscal responsibility and don't think anybody else expects him to do that either. If Social Security and Medicare are destined to implode then I doubt it will be on Trump's watch.

Yeah, i've been warning folks that Trump is not a staunch Conservative or Constitutionalist. He was simply the alternative to something much worse. He's in there because folks didn't want the Clinton Crime Family in office. So Republicans better understand that. If they believe Trump's some sort of 'Conservative/Constitutionalist Savior', they're gonna be very disappointed.

The best folks can hope for, is that Trump can get some sort of Balanced Budget agreement done. But that doesn't seem likely. The Democrats will fight him tooth & nail. But a Balanced Budget would be a good first step towards at least trying to address the Debt nightmare. We'll see if Trump can get that done.

 

[EvilCat Breath]

Is that what Democrats have, a blog?

A swing and a miss.

 

[NLT]

he will flip on everything....suckers.

You lost snowflake...deal with it

 

[Penelope]

The U.S. debt is more than $19.8 trillion. Most headlines focus on how much the U.S. owes China, which is one of the largest foreign owners. Fewer people know that the Social Security Trust Fund, aka your retirement money, owns most of the national debt. How does that work, and what does it mean?

The Real Owner of the U.S. Debt Will Surprise You
The Real Owner of the U.S. Debt Will Surprise You