Biden gets talking point on Medicare at expense of unsustainable deficits

President Joe Biden has Cast yourself as the defender Medicare , and his latest budget focuses, in part, on ensuring its survival — but at the cost of The ballooning Deficits and an unsustainable fiscal overall situation.

Biden’s fiscal 2024 budget includes a staggering $6.9 Trillion Spending: An increase of $300 billion. Budget calls for increased spending over the remainder of the decade, which will result in total deficits of $17 billion.

The proposal does include a slew of tax increases, but it doesn’t outline a path towards a balanced budget or a plan to stabilize the debt. Instead, the federal debt will rise to new record highs and continue increasing.

“This is a budget that proposes $5 trillion in new taxes over 10 years and still has a budget deficit over $2 trillion by the end of the decade. That’s pretty remarkable,” Brian Riedl, of the Manhattan Institute is a conservative think-tank.

Riedl said the Washington Examiner The $5 trillion tax hike is most likely the largest tax ever proposed in a presidential budget.

BIDEN PROPOSES AN AREA OF $7 TRILLION TAX and-SPEND BUDGET TO STABILIZE DEDIT

It is worth noting, however, that any tax increase will face strong opposition from the House of Representatives.

The budget is not legislation but rather a proposal for Congress to build off — and an opening bid in negotiations with Republicans, who have said they want spending reductions in exchange for voting to raise Federal debt ceiling

Biden’s budget is primarily designed to show that he will keep Medicare afloat, despite GOP attempts to cut it. According to the trustees of Medicare’s hospital insurance trust fund, it will run out in 2028. At that point, beneficiaries would face immediate cuts. Biden’s budget would keep the program solvent for 25 more years, without reducing any benefits.

Biden’s proposal to raise payroll taxes for people earning over $400,000 would not only expand drug pricing reforms but also fund Medicare benefits. It would increase the Medicare tax rate for taxpayers with an annual income greater than $400,000, from 3.8% to 5.5%. It would also redirect existing investments tax funds from the general fund into the Medicare trust fund.

Biden himself has declared himself to be the one stopping Medicare and Social Security becoming depleted. One of the most memorable moments from Biden’s State of the Union address was the moment he and Republicans got into an argument on the House Floor over this characterization.

Biden stated that some Republicans would like to “take the economy hostage” If he doesn’t agree with their economic plans,

“Instead of making the wealthy pay their fair share, some Republicans want Medicare and Social Security to sunset every five years,” Biden said. “That means if Congress doesn’t vote to keep them, those programs will go away. Other Republicans say if we don’t cut Social Security and Medicare, they’ll let America default on its debt for the first time in our history.”

Republicans lambasted Biden for saying they want Medicare, Social Security and Social Security held hostage.