Senator McConnell certainly got some people riled up over the last few days. After he made a controversial statement that states should file for bankruptcy, concerns have been brought up by nearly everyone.
McConell’s statement was in favor of states filing for bankruptcy and defaulting on pensions/retirement funds. Stating that most middle aged people at this rate will never see a penny in social security. Reason being, funds are being drained because of how many people are withdrawing retirement funds after fear of a depression.
One of the really dumb ideas of all time just came from Sen. Mitch McConnell.
His suggestion to let states go bankrupt makes no sense.
He says he doesn’t want a “Blue State Bailout.”
15,000 people died — this is not the time for politics.
— Andrew Cuomo (@NYGovCuomo) April 23, 2020
“There’s not going to be any desire on the Republican side to bail out state pensions by borrowing money from future generations. I would certainly be in favor of allowing states to use the bankruptcy route. I make no apologies. These very, very popular entitlement programs at some point are gonna have to be adjusted.”
What this leads down to is three main ways of reducing the reality of Social Security drying up. Either taxes will have to be raised, money will have to be borrowed from a third party or funds need to be cut.
Reality is Harsh Right Now
Admittedly it isn’t an easy decision to make. Medicare and Social Security are in a weird place right now. With the majority of senior citizens exercising caution by staying at home and not going out, they do not have much other choice. Outside of that reality, many people who are unemployed have to rely on things like retirement payments.
Unfortunately, it’s a choice that will most likely be a talking point for the next few years. Even if COVID died out tomorrow, the funds and the concerns would be so extensive that a discussion would still have to be had.
As it stands right now, McConnell is under fire because of how harsh he portrayed this reality. Nonetheless, there is definitely a level of harshness that is required, this is no time to coddle people and tell them everything is okay.
What do you make of McConnell’s comments on medicare and retirement funds? Do you agree with him or are you just as angry as everyone else? Be sure to let us know in the comments and follow us here at Scoophash for more updates!