McConnell's threat is a warning for Social Security and Medicare

Source: MarketWatch - View Original Article
Published: Apr 30, 2020
Category:
Bias Rating:

95% Conservative


Bias Score Calculation:


Policies:

Social Security Privatization
Government Spending
Taxes

Sentiments

90% "But the state pension systems are small potatoes compared with the real retirement story: Social Security and Medicare.""
86% "Thanks To Sen. McConnell, Billions In Relief Lifts""
84% "What's more, he made the remarks on exactly the same day that Social Security and Medicare trustees warned their funds are going to be ..."
81% "Either taxes will have to be raised, the money will have to be borrowed, or Social Security and Medicare benefits will have to be ..."
75% "In 2016 it was $13 trillion.""
73% "McConnell's campaign is currently boasting about all the federal aid he's getting for the state.""
68% "If the GOP retains its majority he would in position to continue as majority leader at a time when the funding crisis over Social ..."

We have listed the top 10 sentiments. More sentiments do exist. Please review the full article for more information.



*Our bias meter rating uses data science including sentiment analysis, machine learning and our proprietary algorithm for determining biases in news articles. The rating is an independent analysis and is not affiliated nor sponsored by the news source or any other organization

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Contributing sentiments towards policy:

90% : But the state pension systems are small potatoes compared with the real retirement story: Social Security and Medicare.
86% : Without extra money, Social Security will exhaust its trust funds in 15 years, .
86% : Thanks To Sen. McConnell, Billions In Relief Lifts
84% : What's more, he made the remarks on exactly the same day that Social Security and Medicare trustees warned their funds are going to be depleted before most middle-aged people ever see a nickel.
81% : Either taxes will have to be raised, the money will have to be borrowed, or Social Security and Medicare benefits will have to be cut.
75% : In 2016 it was $13 trillion.
73% : According to the Internal Revenue Service, Californians paid $457 billion in federal taxes in 2018, New Yorkers $281 billion and Illinoisans $161 billion.
73% : McConnell's campaign is currently boasting about all the federal aid he's getting for the state. "
68% : Repudiating state retirement obligations is just the beginning Senate Majority Leader Mitch McConnell sparked a political firestorm last week when he said U.S. states should file for bankruptcy, if need be, rather than taking federal aid, which could amount to states scaling back or pulling the plug on their pension obligations.
68% : If the GOP retains its majority he would in position to continue as majority leader at a time when the funding crisis over Social Security and Medicare may come to a head.
67% : Medicare's Hospital Insurance fund will in just six.
64% : McConnell may paint federal spending in California, Illinois and New York as a "bailout" or "aid."
62% : If McConnell is re-elected this fall, his next senate term will last until 2026.
59% : "I would certainly be in favor of allowing states to use the bankruptcy route," .
56% : "There's not going to be any desire on the Republican side to bail out state pensions by borrowing money from future generations," McConnell told conservative talk show host Hugh Hewitt last week.
54% : Yet as the Utility Workers' Union of America points out, pensions are not "gifts" from employers or taxpayers.
54% : While teachers' have their own system, the average pension paid by SERS to everyone else is $38,826.
53% : McConnell's office could not immediately be reached for comment.
45% : ICYMI: Kentucky Receives Billions To Combat Coronavirus," his re-election site.
44% : Even before the coronavirus crisis, the federal budget was a sea of red ink, The was already forecasting about $5 trillion in extra deficit spending between 2020 and 2025.
44% : Every Corner Of Kentucky
42% : But most of the recipients are teachers, police officers, firefighters and other middle-class individuals.
41% : The senate majority leader is already on record calling for "adjustments" to Social Security and Medicare. "I make no apologies," .
40% : The Congressional Budget Officeit expected the national debt to exceed $30 trillion by 2030.
39% : And McConnell was speaking just as the trustees of those two systems warned that they, too, are running out of money and will need a lot of extra cash.
38% : So, the big retirement news of the moment is that the top Republican in Congress would prefer that public pensions default on their obligations to retirees.
36% : Without additional funds, the cuts to monthly Social Security checks would come to around 25% per person, the trustees warn.
31% : The average Social Security benefit is $1,400 a month.
31% : The average resident of Illinois paid 63% more in federal taxes than the average resident of Kentucky.
29% : But those states make huge contributions to the federal budget every year.
29% : The only states that get back more are Virginia and Maryland -- in other words, suburbs of Washington, D.C.
28% : And it continues: "As our nation grapples with the impacts of the coronavirus pandemic, Sen. Mitch McConnell has worked to ensure Kentucky has the resources necessary to fight against this terrible disease...
28% : A spokesman for the Illinois State Employees' Retirement System admits that 2.5% of beneficiaries, or just under 2,000 out of around 75,000, collect more than $100,000 a year.
25% : And if politicians are going to try and squeeze retirees making that, they'll squeeze pretty much anybody.
22% : Just don't call it a "bailout."
21% : The says Kentucky is the third biggest moocher off the federal taxpayer, getting back $2.40 in federal spending for every $1 it pays in taxes.
21% : He recently announced that Kentucky families, workers, hospitals, and businesses will receive more than $2.7 billion in relief funds to combat this virus with even more to come for states and local communities across the U.S.." Critics that pension systems in states such as Illinois are subject to abuse, fraud, waste and worse.
19% : "These very, very popular entitlement programs at some point are gonna have to be adjusted.
13% : The figure from Kentucky, McConnell's state: Just $35 billion.
12% : Cutting that by 25% would take it down to $1,150.

*Our bias meter rating uses data science including sentiment analysis, machine learning and our proprietary algorithm for determining biases in news articles. The rating is an independent analysis and is not affiliated nor sponsored by the news source or any other organization

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