(The following was originally published in Wealth Daily.)
The presidential race is in full swing and different interest groups are going for different candidates. The presidential race probably doesn’t matter nearly as much as people think because the federal budget is mostly set.
If you add up all military spending, Medicare, Medicaid, Social Security, and interest on the debt, it makes up over 80% of the entire budget. All of the many other departments and alphabet agencies get to fight over the remaining 20% or less.
Unless there is a drastic change in public opinion, Medicare and Social Security aren’t going to be touched, at least for now. We may see the official retirement age go higher in coming years, but none of the candidates are talking about that now.