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America has a debt problem. And it’s not getting much attention from the contenders for the White House.

There is $27.8 trillion in debt held by the public. And this year the US is expected to run one of the largest deficits in history, which will only make the debt bigger.

Though everyone knows that spending on entitlement programs, including Social Security, is a big part of the problem, the 2024 presidential nominees are tiptoeing around the issue on the campaign trail. They’ve barely mentioned the deficit, much less offered any substantive solutions.

Spending on Social Security, Medicare and Medicaid could reach 10.3% of gross domestic product in 2024, according to projections from the Office of Management and Budget. That compares with an 8.2% average between 1984 and 2023.

  • Boddhisatva@lemmy.world
    12·
    4 months ago

    Spending on Social Security, Medicare and Medicaid could reach 10.3% of gross domestic product in 2024, according to projections from the Office of Management and Budget. That compares with an 8.2% average between 1984 and 2023.

    This kind of nonsense pisses me off. Of course these costs are rising. More and more of our population is getting elderly so we need to spend more and more money in these areas. Population growth has also slowed substantially. This means that a larger fraction of our population is older and more in need of medical care and social security. Naturally, these costs are growing as a fraction of GDP since the working population is declining as a fraction of the total population.

    President Joe Biden did propose increasing income taxes for those making over $400,000 to raise revenue and boosting the payroll tax to bolster Social Security. But he has rejected making any structural changes to Social Security, a stance that many Democrats share.

    And he fucking well should. People spend their lives putting money into social security and now, after Republicans have followed Reagan’s starve-the-beast strategy for decades, they want to cut payments to all these people rather than getting rid of their stupid tax cuts that only benefit those hoarding all the nations wealth.