Speaker Johnson Leads Battle Toward Medicare and Social Security Cuts

House Speaker Mike Johnson (R-LA) and senior U.S. senators are following through on their threat to create a so-called “debt commission” that would come up with schemes to slash Social Security and Medicare benefits Americans have earned. 

Dear Speaker Johnson:

Can you name two government programs that have not contributed to the national debt? I can. They are Medicare and Social Security. Both are paid by the payroll tax, and are pay-as-you-go programs. In fact, Social Security has produced $2.7 trillion in surpluses since its inception. The Treasury, in its wisdom, took those surplus dollars and a gave them to other federal programs that have been running deficits. And so, you are chasing rainbows if you believe that cutting either program will reduce the national debt. Such cuts can only add to the national debt.

The way to reduce the national debt to zero is much easier, and it does not insult anyone’s intelligence. Here it is: Direct the US Mint to produce a $35 trillion coin. Give that coin to the Treasury. Direct the Treasury to put it away in safe keeping. The Treasury can then declare that the US government is officially debt free. No pain, much gain.

I have lots of academic degrees, backed by years and years of experience in economic matters. But don’t take my word for it. Contact Paul Krugman (Nobel Winner in Economics). He has stated that this would be quick, easy, and effective. We owe the national debt to ourselves, and with the new coin, we all would own that nice shiny coin on hold at the Treasury. $35 trillion - $31 trillion = a $4 trillion dollar surplus.

Case closed.

E.D. Phillips, Ph.D