Let’s assume we could reduce Social Security and Medicare spending by 20% through a means test which would deny benefits to a significant portion of our senior citizens.
The Federal Debt would reach 100% of GDP in 2029, six years later than it would without means testing. By 2050, it would reach 223%.
Changing Social Security and Medicare from an entitlement to a welfare program will slow the growth of the Debt, but it won’t stop it, let alone reverse it. And if contributors to these programs aren’t entitled to benefits, shouldn’t those government workers currently exempt from Social Security taxes also be required to contribute their fair share?