Cantor warns entitlement benefits will have to change
In a live interview on NBC12 First at Four, Cantor said there is no way programs like Social Security and Medicaid can continue to deliver the same type of benefits they currently are, forever.
“The benefits that many people are expecting are not going to be there because of the bankrupt nature of these programs,” said Cantor.
A new report from the non-partisan Congressional Budget Office projects that there will be no money left in the Social Security account by 2037. It also reports that for the first time since an overhaul in the ’80s, Social Security paid out more money than it took in.
Cantor believes that is enough to put every possible option on the table.
“The decision that we have to make as a country is, are we going to restructure for those younger folks, looking to right now start a career and get a job, are we going to try and address the obligations of these programs off into the future?” he said.
In the past Republicans have floated the idea of privatizing at least a portion of Social Security. That is something Democrats have passionately resisted. Cantor promised that he would never advocate a plan where benefits would change for people 55 and over. He does however believe that the return on Social Security benefits for people 54 and younger must be on the table. And he accused Democrats of not doing enough to address the problem.
“The leader in the senate, Harry Reid has said there’s no problem with Social Security,” said Cantor. “So we’re going to have to do some convincing, if you will, of the Senate Democratic leader to come along with us and engage in the discussion.”
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You can see the full interview with Rep. Cantor below. The full transcript can be found on NBC12.com.