US Debt Will Mean ‘Significant Risks’ for Economy, Budget Office Says
He has attributed part of the problem to a population who ages, since they are older to receive pension payments from social security and health insurance through medicating. Congress analysts provide that the social security application could run out its trustee fund in 2034, threatening the benefits of the elderly, while the primary trustee fund for medicating could end in 2052.
Yet it remains little appetite in Washington for a struggle for these social security network programs. While the Trump administration keep It does not plan to cut social security, medicare or medicoid, the president and its allies have attacked the programs in recent weeks as a source of waste, fraud and abuse, and Musk has referred in particular to social security in particular as a “Ponzi scheme” and “the great a eliminate. “
“If we can eliminate some forms of waste or improper payments in our budget, it is a good thing, but it is simply not enough to change the long -term trajectory of the budget,” said Michael A. Peterson, CEO of the Peter G. Peterson Foundation, which supports the reduction of the deficit. He said that there were new reforms and revenue “to put the United States on a more sustainable and fixable path”.
For now, Trump has committed himself to pursuing significant cuts to other areas of federal spending, mainly taking government programs that face climate change, education, health, science and workforce. With the help of Mr. Musk, the administration has already passed to freeze or cancel billions of dollars in federal aid, rejecting thousands of federal workers and trying to close entire agencies, including the Department of Education.
“If they improved government efficiency, this would help on the side of the revenue collection,” said Phillip Swagel, director of the CBO, during an interview on Thursday before the CNBC, adding that “volatility can go to the other direction and change is difficult”.
