Americans of all ages should not only be focused on the tax cut debate currently swirling around Congress but more importantly the long term impact of those cuts on yearly deficits and the nation debt. It is estimated that the cuts will add about $ 1.4 trillion to the national debt- already over $ 20 trillion- causing migrane headaches among deficit hawks, those who are getting nervous about interest payments to cover our treasury bonds, and the AARP and millennial generations who will have to pick up the tab for the gifts to corporations and the wealthy.
Since I am part of the AARP generation and our daughters and grandchildren are a few generations behind, the real story about the Republican tax bill is what will happen down the road to the entitlement benefits for grandma and grandpa and how will the youth of America be forced to deal with a certain budget crisis in order to get the nation’s finances in order?
The reason Republicans and conservatives in general are not talking that much about the deficit and national debt is that the end game of the tax cut is a shrinking of government entitlements. The shifting of money to Wall Street, corporations and the wealthy is just the first step in dismantling Social Security, Medicare and Medicaid. After the GOP gets its fiscal pound of flesh from the middle class, the next step is to take on the deficits and debts that the cuts created, and the best way to do that is to chip away at the so-called “budget busters” that so many Americans rely on.
Taking on the entitlements in the name of ” fiscal responsibility” can be accomplished in two ways- substantially reducing benefits for grandma and grandpa while selling privatization schemes to the young as replacements for Social Security, Medicare and Medicaid. Since these next steps in the Republican plan to shrink government entitlements are years away, the current legislation is being touted as putting thousands of dollars into the pockets of Main Street Americans in the near term. The political plan of the GOP is thus a small five year bonus to the middle class followed by the inevitable attack on Social Security, Medicare and Medicaid.
If you thought that the tax cut bill was a fierce battleground separating the two political parties, just wait until the skyrocketing deficits and debt call into question the fiscal strength of the United States requiring deep cuts in government programs to be replaced by 401K Social Security, privately funded Medicare and charity tax incentives for those poor receiving Medicaid. So for all those Americans receiving either a meager bonus or a huge cash reward with the Republican bill, enjoy your refund check. But always keep in mind that these short term gains are only the first step in dismantling the entitlements that have become an integral part of the safety net in our country.