We Need a Balanced Budget
Did Republicans Just Quit On Fiscal Responsibility?
Years of fighting out-of-control spending just ended, as the Republicans signed a budget that gave the Liberals everything they wanted. Quietly maintaining business as usual. On today’s Laffey Minute from New York City, Laffey has had enough!
Balancing the Budget - on the back of a napkin.
Why does our government continue to spend more than it takes in? Why has balancing the budget become a completely foreign concept in Washington? While Americans sacrifice, work three jobs, take fewer vacations, and hold only the old clunker in the driveway for one more year - Washington just keeps spending and borrowing to pay for it. If it doesn’t work at your house, how can it possibly continue to work in the USA? It’s not a question IF it will ultimately come to a screeching halt. It’s only a question of WHEN.
Social Security - The Big Lie
Social Security will run through its trust fund by 2033 and Medicare by 2026, according to the annual report from trustees of the funds. Believe it or not, the Medicare date is an improvement from last year’s estimate of 2024, thanks to a declaration of overall healthcare spending growth, particularly on skilled nursing care, and lower projected costs for Medicare insurance plans.
Retiring baby boomers are the major source of stress for the two entitlement programs. Almost 10,000 baby boomers are hitting the retirement age (65 to 67 for Social Security and 65 for Medicare) each day and qualifying for benefits. Republicans and Democrats have been unable to agree on how to fix the finances of the two programs, which accounted for about 38 percent of federal spending last year.
Laffey has solutions.