Former U.S. labor secretary Robert Reich has criticized Republicans saying their strategy of reducing taxes on the wealthy while cutting social security benefits is cold, hard capitalism for everyone.
“Last week, House Republicans again called for slashing Social Security and Medicare. At the same time, they want to extend the Trump tax cuts for the wealthy and corporations. It’s socialism for the rich, cold hard capitalism for everyone else,” Reich said in his tweet.
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Last week, Republican Study Committee Chairman Kevin Hern and RSC’s Budget and Spending Task Force Chairman Ben Cline released the Fiscal Year 2024 Budget proposal, titled “Protecting America’s Economic Security.” The RSC called it a thorough plan to address the federal spending problem and start paying down U.S.’ debts.
The FY24 budget balances in seven years, cuts spending by $16.3 trillion over 10 years and reduces taxes by $5.1 trillion over 10 years, RSC said in a statement. The budget is made up of over 220 individual bills and initiatives from RSC members.
The White House has slammed the RSC proposal saying it amounts to a devastating attack on Medicare, Social Security, and Americans’ access to health coverage and prescription drugs.
“The Republican Study Committee is taking aim at the Medicare benefits all Americans pay to earn by repealing the new power President Biden gave it to negotiate lower drug costs, to address rapid drug price increases, and to cap the price of insulin for Medicare beneficiaries. They are also raising the retirement age for Social Security,” Press Secretary Karine Jean-Pierre said in a statement.
The RSC budget proposal noted that under current law, DI (disability insurance) beneficiaries under age 65 are automatically enrolled in Medicare after 24 months of receiving benefits. The budget proposed increasing the waiting period for Medicare eligibility to 60 months after receipt of DI benefits for those under age 65. It has also proposed separating retirement and disability benefits eligibility.
“GOP strategy: 1) Cut taxes for the rich & corporations, claiming they’ll pay for themselves 2) Explode the deficit 3) Use the debt & deficit as an excuse to demand cuts to programs that millions rely on 4) Repeat Biden and the Democrats must not let them get away with it,” Reich said in his tweet.
Image and article originally from www.benzinga.com. Read the original article here.