A few days ago, the Biden administration released its budget proposal for the 2025 fiscal year (which begins in October).
Given that Republicans control the House, this budget isn’t going to happen, so it serves mainly as a statement of principles and intent.
It clearly signaled Democrats’ vision for the future — in particular, their belief that we can preserve the solvency of Social Security and Medicare by raising taxes on high incomes rather than by cutting benefits.
I’ll come back to the question of what Trump meant by his remarks and, more important, what he might actually do if he returns to power.
You might be tempted to dismiss Biden’s assurances on safety net programs as boilerplate — don’t Democrats always promise to protect Social Security and Medicare?
Persons:
Biden, Donald Trump, I’ll, Trump, Biden’s
Organizations:
Social Security, CNBC