Flawed Social Security's Burden on National Debt Unaffordable
Rubio
Both options were in place on Wednesday when  Sen. Marco Rubio   R-Fla.  appeared on Politico Playbook to discuss his ideas on tax reform. In that interview  he introduced an odd contradiction that few have followed.
"The driver of the debt is the structure of Social Security and Medicare for future beneficiaries " said  Rubio . (22:34)
The Social Security Administration expects about half of the people turning 70 today will be alive in 2034 when current law would forcibly reduce paychecks.  Rubio  specifically defines approaching retirement as those people who are 47 and older. The fact is that even under optimistic assumptions; Social Security will restructure the benefits irresponsibly of future retirees long before  Rubio  would.
Against this backdrop   Sen. Rubio  wants to make the payroll tax refundable against the child tax credit  which currently offsets up to $1 000 of income taxes. In other words  the government should pay for the contributions to Social Security of select voters. Of course  expanding this credit in this fashion implies a structural change to Social Security that will mean that the program will add to the debt on a dollar for dollar basis of the applied credit.
Both options were in place on Wednesday when   [TGT] appeared on Politico Playbook to discuss  [TGT]  ideas on tax reform. In that interview   [TGT]  introduced an odd contradiction that few have followed.
"The driver of the debt is the structure of Social Security and Medicare for future beneficiaries " said  Rubio . (22:34)
The Social Security Administration expects about half of the people turning 70 today will be alive in 2034 when current law would forcibly reduce paychecks.   [TGT] specifically defines approaching retirement as those people who are 47 and older. The fact is that even under optimistic assumptions; Social Security will restructure the benefits irresponsibly of future retirees long before   [TGT] would.
Against this backdrop    [TGT] wants to make the payroll tax refundable against the child tax credit  which currently offsets up to $1 000 of income taxes. In other words  the government should pay for the contributions to Social Security of select voters. Of course  expanding this credit in this fashion implies a structural change to Social Security that will mean that the program will add to the debt on a dollar for dollar basis of the applied credit.