Congress fights Trump’s budget proposal as welfare programs reach record levels of applicants
Earlier this week, the Trump administration rolled out the President’s next fiscal year budget proposal which on the surface seeks to cut $1.7 trillion from expenditures over the next 10 years.
But as most Americans know from years of experience, Congress doesn’t have the stomach to cut anything once they have promised it as an entitlement to the majority of the people. Â And it is no different today with the new administration especially since the top 4 welfare programs now stand at a record number of ‘needy’ applicants.
There will always be some Americans that are unable to take care of themselves, and we should want to help them.
But as millions upon millions of Americans continue to jump on to the safety net, eventually we are going to get to the point where it is going to break.
As I mentioned above, the combined enrollment in the four largest safety net programs has reached a new all-time record highâ€¦
â€“More than 74 million Americans are on Medicaid and CHIP (Childrenâ€™s Health Insurance Program).
â€“More thanÂ 58 million Americans are on Medicare.
â€“More than 60 million Americans are on Social Security.
â€“Approximately 44 million Americans are on food stamps.Â And even though we are supposedly in an â€śeconomic recoveryâ€ť, this number is still dramatically higher than the 26 million Americans that were on food stamps prior to the last financial crisis.
When you add the figures for those four programs together, you get a grand total of 236 million, and that doesnâ€™t even count any of the other federal programs which are helping people. – Economic Collapse Blog
Yet sadly, there are still dozens more entitlement programs the government funds beyond these four mentioned above. Â And since the government right now needs to borrow more than a $1 trillion per year just to sustain the status quo, just imagine what these costs will be as inflation starts to accelerate higher as the national debt soars into exponential growth.
When the U.S. government started on the course in which they took the safety net concept and blew it up to mean cradle to grave assistance, the ignorant representatives in Washington who don’t know the first thing about finance and economics simply believed that money does grow on trees in the form of paper, ink, and the printing press. Â And 50 years after President LBJ initiated the ‘Great Society’ welfare state, the amount of unfunded liabilities the government is mandated to support has reached the unimaginable level of one quarter of a quadrillion dollars.
Kenneth Schortgen JrÂ isÂ a writer for The Daily Economist, Secretsofthefed.com,Â Roguemoney.net, and Viral Liberty, and hostsÂ the popular youtube podcast on Mondays, Wednesdays and Fridays.Â Ken can alsoÂ be heard Wednesday afternoons giving an weekly economic report on theÂ Angel Clark radio show.