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re: Bill Cassidy wants to pass the Promise Act to save Social Security!
Posted on 8/8/26 at 10:18 am to BestBanker
Posted on 8/8/26 at 10:18 am to BestBanker
quote:
If my math is accurate, all that is needed is a 20% federal spending cut across the board to fund ssi at @ 100%. Annual social security payout is approximately $1.5 trillion. If federal spending is $7 trillion, 20% = $1.4 trillion. I call it the bestbanker plan.
two problems with that plan-
1) You just cut 20% of the funding for Social Security, Medicare, & Medicaid. Which combined makes up 50% of federal spending.
2) Federal Spending would still be at $7 trillion but revenue just over $5 trillion. The national debt would surpass $50 trillion by 2031.
Posted on 8/8/26 at 12:43 pm to TigerintheNO
quote:
two problems with that plan-
Thanks. Was waiting for "the problem" reaction. There's never a problem in cutting federal spending.
quote:
2) Federal Spending would still be at $7 trillion but revenue just over $5 trillion. The national debt would surpass $50 trillion by 2031.
This is in error because the spending is cut by 20%, in my plan, resulting in $5.6 trillion in spending. Very simple to solve. Audit, overview, accounting will solve most of the theft.
Now since you've injected another problem to be solved, another plan i will create is to have congress enact a debt elimination bill forcing a refinance of current debt issues in a systematic manner without adding any new debt. I call this the bestbanker debt elimination plan.
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