{"id":1724922,"date":"2022-11-04T11:48:01","date_gmt":"2022-11-04T15:48:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1724922"},"modified":"2022-11-04T11:48:08","modified_gmt":"2022-11-04T15:48:08","slug":"manchin-differs-with-sanders-about-debt-limit-acknowledges-crippling-debt","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/manchin-differs-with-sanders-about-debt-limit-acknowledges-crippling-debt\/","title":{"rendered":"Manchin Differs With Sanders About Debt Limit, Acknowledges \u2018Crippling Debt\u2019"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fmanchin-differs-with-sanders-about-debt-limit-acknowledges-crippling-debt%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1724922&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Speaking at a Fortune CEO conference on Thursday, West Virginia Democratic Senator Joe Manchin acknowledged the nation is suffering from \u201ccrippling debt\u201d and suggested that changes be made to entitlement programs such as Social Security and Medicaid.<\/p>\n<p>In 2022, major entitlement programs including Social Security, Medicare, Medicaid, Obamacare, and other health care programs will <a href=\"https:\/\/federalbudgetinpictures.com\/where-does-all-the-money-go\/\">reportedly eat up<\/a> nearly half \u2014 49% \u2014 of all federal spending.<\/p>\n<p>\u201cWe cannot live with this crippling debt,\u201d Manchin said, according to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-11-03\/manchin-wants-deal-on-debt-social-security-medicare-and-medicaid#xj4y7vzkg\" target=\"_blank\" rel=\"noopener\">Bloomberg<\/a>. \u00a0\u201cIf we can\u2019t come to grips of how we face the financial challenges this country has, then we\u2019re all going to be paying a price that we can\u2019t afford.\u201d<\/p>\n<p>According to the Social Security Board of Trustees, Social Security will go bankrupt in 2034. \u201cThat means anyone 55 or younger today won\u2019t receive a single full benefit, and most current retirees will be subject to 23% benefit cuts\u2014an average loss of $4,400 per year,\u201d Rachel Greszler of The Heritage Foundation <a href=\"https:\/\/www.heritage.org\/social-security\/commentary\/social-securitys-unfunded-obligations-getting-worse\" target=\"_blank\" rel=\"noopener\">noted<\/a>, adding, \u201cTaking measures like gradually shifting to a flat benefit, slowly raising the retirement age and indexing it to life expectancy, using a more accurate inflation measure, and eliminating work disincentives would protect and improve Social Security.\u201d<\/p>\n<p>Manchin\u2019s comments fly in the face of Vermont Senator Bernie Sanders, who <a href=\"https:\/\/www.nytimes.com\/2022\/11\/03\/business\/biden-debt-limit-shutdown.html\" target=\"_blank\" rel=\"noopener\">told<\/a> The New York Times that Democrats should raise the debt limit quickly in case the GOP wins the House or Senate, claiming the GOP would cut Social Security, Medicare and Medicaid.<\/p>\n<p>The United States national debt passed $31 trillion for the first time ever in early October, according to\u00a0<a href=\"https:\/\/fsapps.fiscal.treasury.gov\/dts\/files\/22100300.pdf\">data<\/a>\u00a0from the Treasury Department.<\/p>\n<p>\u201cThe newest debt milestone\u00a0<a href=\"https:\/\/www.usdebtclock.org\/\" target=\"_blank\" rel=\"noopener\">implies<\/a>\u00a0over $93,000 in liabilities per citizen and nearly $247,000 per taxpayer,\u201d <a href=\"https:\/\/dailywire.com\/news\/national-debt-surpasses-31-trillion-for-the-first-time-republicans-and-democrats-both-to-blame\/\" target=\"_blank\" rel=\"noopener\">The Daily Wire<\/a> pointed out, adding, \u201cPolicies enacted by President Joe Biden will contribute more than $4.8 trillion in new deficit spending between 2021 and 2031, according to an\u00a0<a href=\"https:\/\/www.crfb.org\/blogs\/biden-administration-has-approved-48-trillion-new-borrowing\">analysis<\/a> from the Committee for a Responsible Federal Budget.\u201d<\/p>\n<p>Despite Manchin\u2019s posturing on the national debt, in late July he agreed to vote for the Inflation Reduction Act of 2022, claiming it would \u201caddress record inflation by paying down our national debt.\u201d<\/p>\n<p>\u201cIt is past time for America to begin paying down our $30 trillion national debt and get serious about the record inflation that is crushing the wages of American workers,\u201d Manchin <a href=\"https:\/\/www.manchin.senate.gov\/newsroom\/press-releases\/manchin-supports-inflation-reduction-act-of-2022\" target=\"_blank\" rel=\"noopener\">declared<\/a>.<\/p>\n<p>He praised the Democratic leadership in Washington, stating, \u201cPresident Biden, Leader Schumer and Speaker Pelosi have committed to advancing a suite of commonsense permitting reforms this fall that will ensure all energy infrastructure, from transmission to pipelines and export facilities, can be efficiently and responsibly built to deliver energy safely around the country and to our allies.\u201d<\/p>\n<p>He concluded, \u201cI support the\u00a0Inflation Reduction Act of 2022\u00a0because it provides a responsible path forward that is laser focused on solving our nation\u2019s major economic, energy and climate problems. The question for my colleagues is whether they are willing to put their election politics aside and embrace the commonsense approach that the overwhelming majority of the American people support and will best serve the future of this nation.\u201d<\/p>\n<p>The Inflation Reduction Act was criticized by some; a UPenn-Wharton assessment\u00a0<a href=\"https:\/\/budgetmodel.wharton.upenn.edu\/issues\/2022\/7\/29\/inflation-reduction-act-preliminary-estimates\" target=\"_blank\" rel=\"noopener\" data-testid=\"standard-link\">stated<\/a>\u00a0it would \u201cvery slightly increase inflation until 2024 and decrease inflation thereafter\u201d at a rate \u201cstatistically indistinguishable from zero.\u201d The assessment also concluded that the final version\u00a0<a href=\"https:\/\/budgetmodel.wharton.upenn.edu\/issues\/2022\/8\/12\/senate-passed-inflation-reduction-act\" target=\"_blank\" rel=\"noopener\" data-testid=\"standard-link\">would<\/a>\u00a0\u201cslightly reduce GDP in the first decade while slightly increasing GDP by 2050.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Speaking at a Fortune CEO conference on Thursday, West Virginia Democratic Senator Joe Manchin acknowledged the nation is suffering from \u201ccrippling debt\u201d and suggested that changes be made to entitlement programs such as Social Security and Medicaid. In 2022, major entitlement programs including Social Security, Medicare, Medicaid, Obamacare, and other health care programs will reportedly &#8230;<\/p>\n","protected":false},"author":60,"featured_media":1569668,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[],"class_list":["post-1724922","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1724922","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/60"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1724922"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1724922\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1569668"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1724922"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1724922"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1724922"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}