New York (CNNMoney) – Senior citizens would see their Social Security checks shrink under President Obama's latest budget proposal.
The budget plan, being released Wednesday, calls for changing the way the annual cost of living adjustments for Social Security and other federal programs are calculated. Shifting to "chained CPI" from the current inflation measure could reduce the federal debt by $230 billion, but it would also mean that seniors would get smaller increases in their Social Security payments each year.
Thank you Obama for cutting social security and meeting the demands of the tea party and republicans
Of course they would. Isn't that the GOP goal, to see every American that isn't wealthy living on the street in abject poverty? President Obama didn't want to touch SS, but the GOP would never even look at a budget that didn't have a cut for SS.
Now watch how fast they jump all over him telling the seniors and anyone that will listen that was his goal all along. I can see the ads now. "Obama puts millions of seniors in the poorhouse."
As a democrat, I'm slightly bothered with this being done. But since I was a child, my mother informed me that these social safety net programs(SSI to be exact) will not be solvent forever and that I'll have to invest my money in a retirement account in order to retire and live comfortably. And 25 years later, she's proven to be correct. I've always anticipated that changes will have to be made to these programs to keep them solvent, however, privatizing these programs is not the answer. If we are serious about getting our debt under control, we MUST look at our healthcare system which is the number one driver of our debt. Secondly, we MUST put a clamp down on our defense spending. We spend more on defense than the next 10 countries combined. This decade of war is coming to an end and it's time to use those savings to bring down our debt.
All part of the plan to steal more money from those who actually work for a living. Kinda like throwing lavish parties for celebrities at the White House while closing it off for tours. Typical Obozo style wealth redistribution, like his heroes, Chavez and Castro. Notice how his friends and supporters can get around the Cuban travel ban? Typical democrat liberal elitism.
Very deceptive headline, Fox News Lite.
Would you rather no raise in checks or no checks?