According to statements from Presidential hopeful Donald Trump, he will not make cuts to Medicare, Medicaid or Social Security. Spending on those three programs (nearly $1.9 trillion in the past year) accounts for more than half of all government spending ($3.7 trillion) and is a big driver of growth in the long-term debt
While Medicare and Medicaid are far bigger drivers than Social Security, that program is nevertheless facing a potential cut in benefits of 21% by 2034 if no reforms – either tax increases or benefit changes – are made.
The Trump tax plan includes deep tax cuts for individuals and businesses alike. And, he said, “all of this does not add to our debt or our deficit.” He outlining the tax plan on the campaign website says the “tax cuts are fully paid for” by reducing or eliminating some individual and corporate tax preferences, and by repatriating corporate cash held overseas.
Trump has suggested he would save entitlement programs by recapturing money in other areas of the economy. “I’m going to stop losing $400 billion with China when they take our jobs and everything else. I’m going to stop losing $70 billion a year with Japan. … I’m going to turn all of that around, and we’re going to do absolutely fine,” he said.
Publicly Trump has said, “We’re going to be cutting tremendous amounts of money … lots of waste and fraud and abuse. I’m not cutting services. So, would this mean enhancing and expanding whistleblower programs and awards? No one has asked yet but based on what Trump has said, this would seem a natural for recouping enormous losses due to Medicare Fraud in the billions each year.
Jeffrey Newman represents whistleblowers.