• President Joe Biden promised to block any attempts to reduce Social Security or Medicare benefits, but this will almost certainly lead to a tax hike on the middle class, Brian Riedl, a senior fellow at the Manhattan Institute, wrote in The Wall Street Journal.
• Biden pledged to block Medicare and and Social Security cuts in his recent State of the Union address, in which he also promised not to hike taxes for families earning less than $400,000. But the two systems are slated to run $48 trillion and $21 trillion shortfalls, respectively, over the next 30 years, making it nearly impossible to avoid significant tax raises without cutting benefits, Riedl wrote.
• “The president’s implication that full benefits can be paid without raising taxes for 98 percent of families has no basis in mathematical reality,” he wrote.

Tagged: #Bidenflation